Exxon Mobil (XOM) is trading lower in tandem with a broad pullback across energy as crude prices retreat sharply. Oil slid below $100 per barrel as markets rotated away from worst-case supply-disruption assumptions and priced in higher odds of de-escalation in the Iran conflict, reducing the risk premium that had recently supported integrated oil majors. (apnews.com)

The immediate driver is the change in expectations for Middle East supply constraints: as the odds of an extended disruption ease, crude prices can fall quickly, and large-cap producers tend to follow. This dynamic has been visible in recent sessions, where shifts in headline risk around the conflict and Strait of Hormuz access have triggered abrupt swings in oil and energy equities. (apnews.com)

Investors will focus on whether the latest oil drop persists—either from faster progress toward a ceasefire or normalization of shipping—versus a renewed spike if negotiations stall. Separately, scheduled changes in supply policy remain a key swing factor, with OPEC+ set to unwind part of voluntary cuts via an April production adjustment, which could add pressure if demand expectations soften. (opec.org)