Chevron, Exxon Mobil, and Other Oil Stocks Decline as Middle East Tensions Ease

Oct 15, 2024

Oil stocks saw a broad decline in pre-market US trading, with Chevron (CVX, Financial), Exxon Mobil (XOM), ConocoPhillips (COP), and Occidental Petroleum (OXY) all dropping over 2%. This downturn comes amid reports that Israel does not intend to target Iranian oil facilities, leading to a reduction in Middle East tensions and causing international oil prices to fall.

WTI crude oil prices dropped over 4% during the day, reaching $70.26 per barrel, while Brent crude also fell 4%, trading at $74.36 per barrel.

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