US energy stocks fall after Hormuz Strait news
A gradual decline in global oil prices has occurred following the announcement of a reduction in tensions at the Strait of Hormuz. The Pakistani Prime Minister announced the signing of an agreement with the United States and Iran regarding the opening of the strait without fees. This led to a decrease in Brent crude by 5.5%, down to $82.55, and Texas Intermediate by 5.8%, dropping to $79.96 per barrel. This easing of tensions caused American energy company stocks, such as ExxonMobil and Chevron, to fall by as much as 6.2%, although the market still expects that it will take several months for oil flows to return to pre-conflict levels.
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