US energy stocks fall as oil slides on report of possible US-Iran deal

Marathon Petroleum

06/05/2026 11:01

** Shares of U.S. energy companies fall premarket, tracking decline in oil prices

** Brent crude futures LCOc1 down 6.1% at $103.17/barrel; U.S. West Texas Intermediate CLc1 6.6% lower at $95.50/barrel

** Oil prices slumps to two-week lows after Axios reported that Washington believed it was close to a one-page framework agreement with Iran to end the war

** Both benchmarks were on track for their biggest daily declines in both percentage and absolute terms since mid-April, having shed about 4% in the previous session

** The U.S. expects Iranian responses on several key points in the next 48 hours, Axios reported, though nothing has yet been agreed; the report said this was the closest the parties have come to an agreement since the war began

** Energy majors Exxon XOM.N and Chevron CVX.N down 2.8% and 2.9%, respectively

** Oil and gas producers Occidental Petroleum OXY.N fell 5.7%%, SM Energy SM.N down 4.6% and ConocoPhillips COP.N slumps 3.1%

** Oilfield services companies Baker Hughes BKR.O down 2% and Halliburton HAL.N fall 2.6%

** Refiners Marathon Petroleum MPC.N and Phillips 66 PSX.N down 3.2% and 2.3%, respectively

 (Reporting by Varun Sahay in Bengaluru)

 ((Varun.sahay@thomsonreuters.com))