BUZZ-Oil companies fall as Iran state TV says draft US deal would reopen Hormuz shipping
Occidental Petroleum Corporation OXY | 0.00 | |
Chevron Corporation CVX | 0.00 | |
Diamondback Energy, Inc. FANG | 0.00 | |
ConocoPhillips COP | 0.00 | |
Exxon Mobil Corporation XOM | 0.00 |
** Shares of U.S. oil and gas companies fall premarket after Iran says draft U.S. deal would reopen Hormuz shipping, end naval blockade
** Iran's state TV said Tehran had obtained a draft of an initial unofficial framework for a memorandum of understanding with the U.S.
** Under the framework, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while the United States would withdraw military forces from Iran's vicinity and lift a naval blockade
** Exxon Mobil XOM.N down 2.1% while Chevron CVX.N falls 1.7%
** Diamondback Energy FANG.O, ConocoPhillips COP.N, Devon Energy DVN.N and Occidental Petroleum OXY.N decline between 1.8% and 3%
** Brent crude futures LCOc1 down 4.77% at $94.83/bbl, while U.S. West Texas Intermediate (WTI) CLc1 crude slides 5.78% at $88.46/bbl O/R