Energy Sector Slides as Apache Petroleum and Peers Decline

Stock News

06/18

On Thursday, the energy sector experienced a broad decline, with shares of Apache Petroleum (APA.US) and Murphy Oil (MUR.US) falling more than 3%.

Other major oil companies also saw significant drops, with Occidental Petroleum (OXY.US), ConocoPhillips (COP.US), and Chevron (CVX.US) all declining more than 2%.

The downward movement followed news of a ceasefire agreement between the United States and Iran, which pushed oil prices to their lowest levels since the conflict began.

Brent crude futures tumbled over 3% to $77.02 per barrel, while West Texas Intermediate (WTI) crude futures plunged 3.6% to $73.27 per barrel.

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