US energy stocks fall as crude prices drop on US-Iran de-escalation

EOG Resources

02/02/2026 10:09

** Shares of U.S. energy companies down premarket, as oil prices fall over 5% O/R

** Oil prices dip after U.S. President Donald Trump said Iran was "seriously talking" with Washington, signaling de-escalation with an OPEC member to ease supply disruption concerns

** Brent crude futures LCOc1 down 5.2% at $65.69/barrel and U.S. West Texas Intermediate crude CLc1 fall 5.5%, to $61.61/barrel

** Brent and WTI fall after posting their biggest monthly increase since 2022 in January, as risks of a military strike on Iran receded after Trump's comments over the weekend. Brent gained 16% in January, while WTI rose by 13%

** Top oil and gas companies Exxon Mobil XOM.N and Chevron CVX.N fall 1.3% and 1.6% respectively

** Shares of ConocoPhillips COP.N down 2.5%, EOG Resources EOG.N dip 3.6%, Diamondback Energy FANG.O fall 3.3% and Occidental Petroleum OXY.N slide 3%

** Shares of oilfield service providers Halliburton HAL.N and SLB SLB.N fall 3.5% and 2.8% respectively

** Refiners are also in the red as Marathon Petroleum MPC.N and Valero Energy VLO.N down ~2% and 2.4% respectively

 (Reporting by Pooja Menon in Bengaluru)

 ((Pooja.Menon@thomsonreuters.com;))