U.S. energy stocks fall as investors weigh potential Hormuz deal between Iran and Gulf states
XLE•Energy stocks track lower crude prices
S&P 500 energy index .SPNY was down 1.8%, tracking the decline in crude prices.
Brent crude futures LCOc1 fell 0.85% to $81.79 a barrel, while U.S. West Texas Intermediate crude CLc1 was down 0.69% at $76.76 a barrel.
Oil prices fell as investors weighed signals that Gulf states and Iran were closing in on a deal to reopen the Strait of Hormuz under a temporary arrangement aimed at allowing for broader talks to bring the Iran war to a close.
Major energy names and refiners decline
Energy giants Exxon Mobil XOM.N and Chevron CVX.N were down 1.65% and 1.4%, respectively.
Valero Energy VLO.N, Targa Resources TRGP.N, Diamondback Energy FANG.O and APA Corp APA.O fell between 1% and 3%, among the top percentage losers on the energy index.
Oilfield services companies Halliburton HAL.N fell about 1% and SLB SLB.N slipped marginally.
Refiners Phillips 66 PSX.N were down 1.7% and Marathon Petroleum MPC.N fell 2.2%.
