Energy stocks dip as crude falls on report Iran may allow Europe to clear Hormuz mines
XLE•Energy shares fall as crude extends losses
S&P 500 energy index .SPNY fell 0.7% as oil prices declined.
Crude prices extended losses after a report said Iran is considering allowing Europe to clear mines in the Strait of Hormuz.
- Brent crude futures LCOc1 fell 5.6% to $79.07/barrel.
- U.S. West Texas Intermediate CLc1 was down 5.9% at $75.56/barrel.
- Diamondback Energy FANG.O, APA Corp APA.O, Expand Energy EXE.O and EQT Corp EQT.N fell between 2% and 3.4%, among the top percentage losers on the energy index.
- Energy majors Exxon XOM.N and Chevron CVX.N were down 1.3% each.
- Refiners Phillips 66 PSX.N fell 0.9% and HF Sinclair DINO.N was down 1.2%.
