European oil stocks extend losses after U.S.-Iran deal to end war

Galp Energia SGPS SA

Yesterday 08:23

** European oil and gas stocks add to Friday's losses, leading fallers in Europe after the U.S. and Iran agreed on a framework to end their war and reopen the Strait of Hormuz, sending oil prices to three-month lows
** A basket of European energy stocks .SXEP falls 2.7%, trimming year-to-date gains to about 25%. It is the biggest sectoral faller on the STOXX 600 .STOXX, which is up 1.3%
** Oil prices fall after the announcement, with Brent futures LCOc1 down 4.5% to $83.4 a barrel by 0707 GMT and U.S. West Texas Intermediate crude CLc1 down 5.1% to $80.51 
** Equinor EQNR.OL, TotalEnergies TTEF.PA, Eni ENI.MI, Repsol REP.MC, Aker AKER.OL fall more than 4%, while Shell SHEL.L and BP BP.L are both down around 3.7%   

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))