Chevron Corp is trading 4.6% down at $178.69 as crude prices tumble following reports of a tentative U.S.-Iran peace agreement.
- The potential reopening of the Strait of Hormuz has significantly reduced supply-risk premiums, leading to a drop of over 4% in Brent crude prices.
- While broader indices are rising on lower inflation fears and a risk-on shift toward tech and AI, the energy sector is lagging as commodity prices face downward pressure.