Shares of energy companies fell alongside oil futures, which hit their lowest level since midApril amid anticipation of a peace deal between the U.S. and Iran.
Oil fell 5.6% to $88.68 a barrel in New York. Brent crude futures, the globally tracked benchmark, fell 5.3% to $94.29 a barrel.
"The situation surrounding Iran remains highly fluid as negotiations continue toward a more durable peace agreement," said Adam Turnquist, chief technical strategist at brokerage LPL Financial. "A meaningful reopening of the Strait of Hormuz will likely be necessary for oil prices to move sustainably lower, though uncertainty surrounding regional control and the timeline for supply normalization remains elevated."
President Trump said he was open to further negotiation with Iran but warned he was willing to return to war if deemed necessary.
Canada unveiled a deal to sell liquefied natural gas to Germany, marking a significant step in Prime Minister Mark Carney's effort to capitalize on its oil-and-gas reserves and position the country as an energy superpower.
Natural gas for June delivery rose 5% to $3.04 a million British thermal units amid short covering and positioning for increased summer consumption in much of the U.S.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
May 27, 2026 17:02 ET (21:02 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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