On May 28, Schlumberger fell 3.15% in regular trading, trading at $54.62 USD/share, with trading volume of approximately $95.9 million. The stock extended its prior session losses amid a broad selloff in the oil and gas services sector.
On the news front, US-Iran peace negotiations achieved positive progress as a preliminary memorandum of understanding framework was disclosed, covering the reopening of the Strait of Hormuz, a regional ceasefire arrangement, and phased lifting of sanctions. The market interpreted these developments as a significant easing of Middle East geopolitical supply risks, sending international oil prices sharply lower. WTI crude futures fell as much as 6% intraday, while Brent crude declined nearly 7%. The entire oil and gas equipment sector came under pressure, with Baker Hughes, Halliburton, and TechnipFMC all posting declines. As the global oilfield services leader, Schlumberger had previously warned that Middle East business disruptions would weigh on results, and the oil price collapse further suppressed upstream capital expenditure expectations, intensifying downward pressure on the stock.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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