US Stock Market: Energy stocks slide as oil prices tumble on US-Iran peace breakthrough

A US-Iran peace breakthrough eased fears of supply disruptions through the Strait of Hormuz, triggering a sharp decline in crude oil prices and a broad selloff in global energy stocks. Exxon Mobil and Chevron fell 6.2% and 4.6% respectively, while refining majors and European oil giants like BP and Shell declined 4.5–5.8%. Analysts cautioned that while diplomatic progress has reduced geopolitical risk premium, a recovery in Gulf oil production to pre-war levels may take time due to conflict-related damage.