US energy stocks fall as investors weigh potential Hormuz deal between Iran and Gulf states

Diamondback Energy

07/08/2026 15:17

** S&P 500 energy index .SPNY down 1.8%, tracking decline in crude prices O/R
** Brent crude futures LCOc1 fell 0.85% at $81.79/barrel while U.S. West Texas Intermediate crude CLc1 down 0.69% at $76.76/barrel 
** Oil prices fall as investors weighed signals that Gulf states and Iran were closing in on a deal to reopen the Strait of Hormuz under a temporary arrangement aimed at allowing for broader talks to bring the Iran war to a close
** Energy giants Exxon Mobil XOM.N and Chevron CVX.N down 1.65% and 1.4%, respectively
** Valero Energy VLO.N, Targa Resources TRGP.N, Diamondback Energy FANG.O and APA Corp APA.O fall between 1% and 3%, among top percentage losers on energy index 
** Oilfield services companies Halliburton HAL.N falls ~1% and SLB SLB.N slips marginally 
** Refiners Phillips 66 PSX.N down 1.7% and Marathon Petroleum MPC.N falls 2.2% 

(Reporting by Varun Sahay in Bengaluru)
((Varun.sahay@thomsonreuters.com))