XOM is trading at $148.83 (-3.91%) following a sharp decline in oil prices triggered by reports of diplomatic progress between the U.S. and Iran.
- Reports of a framework for nuclear talks and a pause in naval missions in the Strait of Hormuz have significantly eased global supply disruption fears, causing oil prices to fall sharply.
- While the macro oil selloff is the primary driver, ExxonMobil also announced it is leveraging AI to significantly speed up seismic data interpretation in its Guyana operations.
- RBC Capital also reaffirmed its "Sector Perform" rating on the stock with a price target of $180.00.