Oil firms fall as Iran-Oman talks revive hopes of Hormuz reopening
XLE•Refiners also weaken
Shares of refiners Marathon Petroleum (MPC.N), Phillips 66 (PSX.N) and PBF Energy (PBF.N) fell between 1.1% and 2%.
Crude benchmarks move lower
Benchmark Brent crude LCOc1 was down 3.08% to $85.85 per barrel and U.S. WTI crude CLc1 was down 2.68% at $80.15 a barrel.
Both benchmarks fell to their lowest levels since August 10 earlier in the session.
Energy shares fall premarket
U.S.-listed shares of energy companies fell premarket, after talks between Iran and Oman revived hopes that the Strait of Hormuz could reopen and remove shipping constraints affecting supply in the key Middle East region.
Majors and service companies decline
Oil and gas majors ExxonMobil (XOM.N) and Chevron (CVX.N) fell about 2% and 0.9%, respectively.
Occidental Petroleum (OXY.N) dropped 1.1% and Halliburton (HAL.N) was down 1.3%.
