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U.S. energy stocks fall on Strait of Hormuz progress
A breakthrough in the Strait of Hormuz dispute led to a significant decline in US energy stocks, as the Pakistani Prime Minister announced that both parties had signed a memorandum of understanding in Switzerland. The US President stated that the strait would be open without fees after the blockade of Iranian ports was lifted. Brent crude fell by 5.5% to $82.55, and Texas crude dropped by 5.8% to $79.96, resulting in a notable decline in stocks including ExxonMobil, Chevron, and refining companies. These developments come amid expectations that it will take several months to restore oil flows to pre-war levels.
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