Mar. 10 at 12:47 PM
Oil stocks fell as crude prices dropped on expectations that the Iran conflict could end soon and as markets weighed the possibility that the Group of Seven might release emergency oil reserves.
Shares of Occidental Petroleum led premarket losses, falling about 3%, while ConocoPhillips also declined. Oil prices plunged after Donald Trump said the conflict could end “very soon,” with Brent crude and U.S. WTI both posting sharp declines.
Major energy companies including Chevron and ExxonMobil also slipped. Investors are watching whether the G-7 could release part of its roughly 1.2 billion barrels in strategic reserves, which would likely push oil prices even lower and weigh on energy stocks.
At the same time, the conflict has disrupted some operations, with Chevron pausing activity at a gas field off Israel and Exxon facing LNG shipping constraints through the Persian Gulf.
$OXY $COP $CVX $XOM