The oil and gas sector experienced declines, with significant drops noted in key stocks. Chevron (CVX, Financial) saw a decrease of over 1.8%, while ExxonMobil (XOM) also fell by more than 1.8%. ConocoPhillips (COP) and Marathon Oil (MRO) declined by over 3% each. This downturn coincides with international oil prices falling more than 3% as the market anticipates Israel's response to last week's rocket attacks by Iran.
Gaurav Sharma, an independent oil analyst based in London, highlighted that oil prices might continue to rise until Israel's next move is clarified. However, the decline in Brent crude prices suggests resistance at the $80-$82 per barrel range, driven by uncertainties in demand and potential oversupply.
