The post Exxon (XOM), Chevron (CVX), and ConocoPhillips (COP) Stocks Plunge on Iran Ceasefire News appeared on BitcoinEthereumNews.com.

TLDR Major oil producers including Exxon, Chevron, and ConocoPhillips experienced significant premarket losses following ceasefire announcement Brent crude plummeted more than 10% to $96.73 while WTI tumbled nearly 14% to $95.45 President Trump declared a conditional two-week truce requiring Iran to fully reopen the critical Strait of Hormuz Energy stocks had rallied between 34% and 42% year-to-date amid escalating Middle East tensions Declining crude prices create headwinds for oil majors while providing tailwinds for refining companies President Donald Trump’s late Tuesday announcement of a two-week ceasefire involving the United States, Israel, and Iran triggered a dramatic collapse in oil markets, erasing substantial gains throughout the energy sector. Trump Halts Iran Strikes for Two Weeks Amid Ceasefire Push U.S. President Donald Trump said on Truth Social that, following discussions with Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, and conditional upon Iran’s agreement to the immediate, full, and… pic.twitter.com/npInV48tUR — Wu Blockchain (@WuBlockchain) April 7, 2026 The surprise declaration arrived moments before Trump’s self-imposed April 7th ultimatum, delivered at 8 p.m. Eastern Time. The president had previously issued stern warnings that Iran would face catastrophic repercussions unless it reopened the strategically vital Strait of Hormuz. Trump revealed the agreement via Truth Social at 6:32 p.m. ET, stating that Iran had accepted the ceasefire terms, which require the “complete, immediate, and safe opening” of the Strait of Hormuz. This critical maritime chokepoint facilitates the transport of approximately 20% of global crude oil supplies. Its blockade had been a primary catalyst for elevated oil prices throughout recent months. Oil prices had climbed above $110 per barrel earlier in the day, following Trump’s weekend threat to strike Iranian infrastructure including power facilities and bridges should the waterway remain obstructed. In the aftermath of the ceasefire revelation, Brent crude futures plunged over 10%…

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Filed under: News - @ April 8, 2026 1:28 pm