U.S. Oil Stocks Decline as Crude Prices Fall After Halt in Iran Strikes
Shares in U.S. oil and gas producers fell sharply after the U.S. military paused strikes on Iran, with Tehran indicating it would suspend its own attacks. This development eased fears of a broader Middle East conflict, leading to a drop in crude prices. Major U.S. companies like Chevron and Exxon Mobil saw their shares drop by about 2.5%, while ConocoPhillips fell 3.1%. The decline in oil prices was significant, with Brent crude futures dropping 6.7% to $90.24 a barrel. The pause in military actions comes as diplomats seek to revive peace talks, although the path to a lasting resolution remains uncertain. The Strait of Hormuz, a critical passage for global oil supply, remains closed, maintaining pressure on oil markets. 
