Oil stocks fall as Iran state TV says draft US deal would reopen Hormuz shipping

Valero Energy

27/05/2026 16:17

Updates
**  Shares of U.S. oil and gas companies fall after Iran says draft U.S. deal would reopen Hormuz shipping, end naval blockade
** Iran's state TV said Tehran had obtained a draft of an initial unofficial framework for a memorandum of understanding with the U.S.
** Under the framework, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while the United States would withdraw military forces from Iran's vicinity and lift a naval blockade
** However, the White House said Iran TV's report was "not true" and that the cited memorandum was "a complete fabrication"
** S&P 500 energy index .SNPY down nearly 2%, tracking falling crude prices
** Exxon Mobil XOM.N down 1.5% while Chevron CVX.N falls 1.3%
** Baker Hughes BKR.O, Halliburton HAL.N, SLB SLB.N and Valero Energy VLO.N fall between 2.4% and 6%  among the top percentage losers on the energy index
** Brent crude futures LCOc1 down 3.06% at $96.53/bbl, while U.S. West Texas Intermediate (WTI) CLc1 crude slides 3.24% at $90.8/bbl O/R

(Reporting by Arunima Kumar and Dharna Bafna in Bengaluru)
((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94 ;))