CVX is trading at $186.30 (-3.29%) as oil prices retreat following progress in overseas peace talks and de-escalating tensions in the Iran Strait.
- The stock is bucking the broader market rally, with the S&P 500 and Dow Jones Industrial Average both gaining over 0.7%.
- Energy sector weakness is being driven by volatile commodity prices and a spike in gold prices diverting investor capital flows.
- Despite today's drop, the company recently boosted production guidance on May 1 following the successful integration of Hess.