US energy stocks slip as crude falls on hopes of US-Iran truce

Marathon Petroleum

07/05/2026 13:35

** Shares of U.S. energy companies fall premarket, tracking a decline in crude prices O/R

** Brent crude futures LCOc1 down 4.3% at $96.90/barrel; U.S. West Texas Intermediate crude futures CLc1 fall 4.7% to $90.57/barrel

** Prices fall on renewed hopes for a U.S.-Iran peace deal that could allow for the gradual reopening of the Strait of Hormuz

** Energy majors Chevron CVX.N and Exxon Mobil XOM.N fall about 1.6% each

** Oil and gas producers Occidental Petroleum OXY.N, Devon Energy DVN.N, Diamondback Energy FANG.O, and ConocoPhillips COP.N decline between 1.9% and 2.6%

** Oilfield services companies Baker Hughes and SLB dip 1.4% and 1.6%, respectively

** Refiners Phillips 66 PSX.N and Marathon Petroleum MPC.N down 1.3%  and 0.8%, respectively

 (Reporting by Sumit Saha in Bengaluru)

 ((Sumit.Saha@thomsonreuters.com;))