US Stock Market Move | Oil stocks generally fell, Occidental Petroleum Corporation (OXY.US) fell more than 4%.

On Wednesday, oil stocks fell across the board, with Occidental Petroleum Corporation (OXY.US) and Chevron Corporation (CVX.US) dropping more than 4%, while Petrobras (PBR.US) and ConocoPhillips (COP.US) fell more than 3%, and Imperial Oil Limited (IMO.US) dropped nearly 2%. Brent crude oil futures fell by more than 5% at one point during the day, and at the time of writing, they had fallen by 2.81%. On the news front, expectations of a US-Iran ceasefire continue to ferment. Market participants say that US President Trump has stated that the US will gradually withdraw from military action against Iran in the next two to three weeks, indicating that strategic objectives have been largely achieved. This statement has strengthened expectations in the market that the conflict may end quickly, pushing global risk sentiment markedly higher.