What is the Strait of Hormuz and why is it important?

The Strait of Hormuz is a narrow waterway between the Persian Gulf and the Gulf of Oman, vital for oil transit as about 20% of global oil supply passes through it.

Is there a relationship between the Iran war and oil prices?

Yes, the war in Iran disrupted oil supplies and raised prices, but progress toward ending the conflict and resumption of tanker transit have led to a price decline.

Energy Stocks Fall as Crude Hits Lowest Since Iran War Start

Q: Which stocks were affected by the decline?

Stocks such as NOV, Transocean, Exxon Mobil (XOM), Chevron (CVX), ConocoPhillips (COP), SLB (SLB), and Phillips 66 (PSX) were affected.

Energy stocks declined in afternoon trading after crude oil fell to its lowest level since the Iran war began, as tankers resumed using the Strait of Hormuz and US-Iran signals pointed to progress toward ending the conflict.

June 24, 2026

2 min read

Source: StockStory

Several energy stocks fell in the afternoon session after crude oil dropped to its lowest level since the start of the Iran war, as tankers resumed transit through the Strait of Hormuz and the U.S. and Iran signaled progress toward ending the conflict.

Possible Causes

The main driver of the decline is the drop in crude oil prices, with futures falling to their lowest since the conflict began. This follows reports of tanker traffic resuming through the Strait of Hormuz, a vital oil transit chokepoint, along with diplomatic signals suggesting a potential rapprochement between Washington and Tehran.

Context

Energy stocks have had mixed performance over the past month, but this decline comes at a sensitive time as markets closely monitor Middle East conflict developments. Stocks such as Exxon Mobil (XOM), Chevron (CVX), ConocoPhillips (COP), SLB (SLB), and Phillips 66 (PSX) were also affected by the broader sector downturn.

Similar Sector Moves

The declines were not limited to drilling and oilfield service companies like NOV and Transocean; most energy stocks fell, reflecting the market's broad sensitivity to oil price movements and geopolitical tensions.

Frequently Asked Questions

Energy stocks fell because crude oil dropped to its lowest level since the start of the Iran war, as tankers resumed transit through the Strait of Hormuz and signals indicated progress toward ending the conflict.

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This article was rewritten in Wrqti's editorial style based on information from the original source above. Content is informational only — not investment advice.