Oil stocks fall as US-Iran talks progress amid more market stress

Ovintiv

21/04/2025 14:45

** Shares of oil and gas companies fall tracking declining crude prices O/R

** Brent crude LCOc1 down 2.3% at $66.36/bbl and U.S. WTI crude CLc1 down 2.3% at $63.14/bbl, hurt by signs of progress in talks between U.S. and Iran, while investors were concerned about economic headwinds from tariffs, which could curb fuel demand

** In talks, U.S. and Iran agreed to begin drawing up framework for potential nuclear deal, Iran's foreign minister said, after discussions that U.S. official described as yielding "very good progress"

** Energy majors Exxon Mobil XOM.N and Chevron CVX.N fall 1.9% and 1.8%, respectively

** Shares of Hess HES.N and EQT EQT.N down about 2.5%, Diamondback Energy FANG.O slips 3.9% and APA Corp APA.O slides nearly 5%

** Oilfield services providers Baker Hughes BKR.O Halliburton HAL.N and SLB SLB.N down between 2.3% and 2.9%

** Refiners Valero Energy VLO.N, Phillips 66 PSX.N, HF Sinclair DINO.N and Marathon Petroleum MPC.N fall between 2.2% and 2.9%; PBF Energy PBF.N drops 3.9%

 (Reporting by Vallari Srivastava in Bengaluru)

 ((Srivastava.Vallari@thomsonreuters.com;))