U.S. Stocks in Motion | WTI Crude Oil Futures Fall Over 6%; Oil Stocks Broadly Decline

Zhitong Finance APP has learned that on Monday, oil stocks fell broadly. ConocoPhillips (COP.US) fell 2.68%, Occidental Petroleum (OXY.US) fell 2.56%, Petrobras (PBR.US) fell 2.26%, Exxon Mobil (XOM.US) fell 2.11%, BP (BP.US) fell 1.96%, and Chevron (CVX.US) fell 1.49%. Brent crude and U.S. WTI crude futures extended their declines, both falling more than 6%. Expectations for diplomatic progress between the United States and Iran have risen, and the geopolitical risk premium that had accumulated over the past several weeks amid continued tensions in the Strait of Hormuz has been partly released. The market is hoping for an agreement to end the Iran war.