Exxon Mobil Slides 1% as Brent Drops to $98.12 on Iran Deal Hopes
XOM•Oil futures dipped below $100 a barrel, with Brent at $98.12 and WTI near $91.71, after President Trump said U.S.-Iran negotiations were proceeding nicely. Exxon Mobil shares fell over 1% in overnight trading as major oil index funds slumped up to 5.4%.
1. Oil Prices Slide on U.S.-Iran Negotiation Optimism
Oil futures fell below the $100 threshold as President Trump’s comment that U.S.-Iran peace talks were progressing prompted renewed hopes for a deal. Brent crude for July delivery dropped to $98.12 per barrel while June WTI settled near $91.71, marking a more than 5% decline in some contracts.
2. Broad Oil Stock Selloff, Exxon Mobil Down
Major oil exchange-traded funds and stocks recorded sharp losses overnight, with the United States Oil Fund down 4.7% and the ProShares Ultra Bloomberg Crude Oil ETF off 5.4%. Battalion Oil plunged over 6%, Trio Petroleum and Indonesia Energy shed more than 2% each, and Exxon Mobil shares dipped just over 1%.
3. Talks Focus on Peace Deal and Hormuz Reopening
An Iranian delegation has traveled to Qatar for consultations on a potential peace agreement that could end hostilities in the region. Negotiators are also discussing a plan for Iran to clear mines from the Strait of Hormuz about 30 days after a deal is finalized to ensure safe maritime passage.
