Oil and gas equities experienced a sharp sell-off at Wednesday's market open, with Apache leading losses by falling more than 10%. Murphy Oil dropped over 8%, while Occidental Petroleum, ConocoPhillips, and Chevron each declined more than 5%. The downturn followed a retreat in global crude prices, with Brent crude futures plunging over 13% to $95.02 per barrel and WTI crude futures tumbling more than 15% to $95.32. The price movement came after the U.S. President announced on social media, "I have agreed to suspend bombing and offensive operations against Iran for two weeks."
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