Movement Alert｜ConocoPhillips Falls 3.07% in Regular Trading, US-Iran Ceasefire Agreement Continues to Weigh on Oil Prices Dragging Energy Sector

Market Focus06-24 22:56

On June 24, ConocoPhillips fell 3.07% in regular trading, trading at $106.775/share, with turnover of $122 million. The decline was driven by sustained downward pressure on international crude oil prices following the formal signing of a US-Iran ceasefire memorandum of understanding.

The agreement confirms the lifting of maritime blockades and restoration of navigation through the Strait of Hormuz within 30 days. Fitch projects that once the strait reopens, the global crude oil market will return to oversupply conditions within approximately one month, with Brent crude Q4 average price potentially retreating to $70/barrel, posing clear medium-to-long-term downside risks for oil prices. WTI crude has already fallen to around $74, while Brent has broken below $78.

The broader Oil & Gas Exploration & Production sector weakened in tandem. Among individual stocks, Canadian Natural Resources fell 3.12%, Devon dropped 2.47%, Diamondback declined 2.42%, EOG Resources lost 0.45%, while EQT Corp bucked the trend with a 0.63% gain.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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