W&T Offshore shares fell on June 18, 2026, as crude oil prices declined. The White House confirmed a preliminary agreement between the United States and Iran. This deal establishes a 60-day window to negotiate a final peace accord.
The agreement may lift sanctions and reopen the Strait of Hormuz to increase supply. Brent crude futures for August dropped 1.86%. Brent prices settled at $78.07 a barrel.
July West Texas Intermediate (WTI) futures fell 2.24%. WTI crude prices reached $75.07 a barrel. The International Energy Agency (IEA) forecast a significant rise in global oil supply.
These developments fueled concerns regarding a market oversupply. Analyses now suggest W&T Offshore is significantly overvalued due to changing market dynamics.