On July 29, ConocoPhillips rose 3.11% in pre-market trading, trading at $117.87 USD/share, with turnover of $1.1471 million. The rebound follows two consecutive sessions of sharp declines driven by US-Iran ceasefire signals that sent oil prices plunging over 5%.

On the news front, Iran officially denied reaching a 10-day ceasefire agreement with the United States, while neither side has clearly signaled willingness to de-escalate. Analysts noted that navigation through the Hormuz Strait and the Red Sea showed no meaningful improvement, suggesting the market may have prematurely removed geopolitical risk premiums from crude prices. The Commonwealth Bank of Australia cautioned that overall global energy supply risks remain elevated despite the temporary pause in hostilities.

The broader Oil and Gas Exploration and Production sector is rebounding in tandem, with Diamondback up 4.06%, Expand Energy up 3.95%, Devon up 3.47%, EOG Resources up 3.31%, and Canadian Natural Resources up 2.92%. ConocoPhillips is scheduled to report quarterly earnings on August 6, with consensus EPS estimates at $2.96.

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