US energy stocks drop as oil slides after Middle East ceasefire
08/04/2026 15:35
Updates ** S&P 500 energy index .SPNY down 4.9% as oil slides after U.S.-Iran ceasefire ** Crude prices dip below $100 a barrel after U.S. President Donald Trump says he has agreed to a two-week ceasefire with Iran, subject to an immediate and safe reopening of the Strait of Hormuz ** Brent crude futures LCOc1 down 14.8% at $93.08/barrel, U.S. West Texas Intermediate CLc1 falls 16.8% to $93.99/barrel ** Shares of Exxon Mobil XOM.N and Chevron CVX.N down 6.1% and 5.3%, respectively ** APA Corp APA.O dips 10.8%, Occidental Petroleum OXY.N falls 7.6%, Coterra Energy CTRA.N down 5.4% and Devon Energy DVN.N declines 5.4% ** Refiners Marathon Petroleum MPC.N and Phillips 66 PSX.N shed 5.2% and 4.5%, respectively ** Brokerage Roth MKM downgrades some oil stocks, saying the commodity has likely peaked ** Roth has changed its ratings on the following cos:
| Company | Prior rating | New rating |
| Diamondback Energy FANG.O | Buy | Neutral |
| Magnolia Oil & Gas MGY.N | Buy | Neutral |
| Matador Resources MTDR.N | Buy | Neutral |
| Permian Resources PR.N | Buy | Neutral |
| SM Energy SM.N | Buy | Neutral |
| Talos Energy TALO.N | Buy | Neutral |
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