US stocks move unexpectedly | Oil stocks broadly decline Western Oil (OXY.US) drops over 4%

LootboxPhobia · 2026-04-02T04:42:54+00:00

On Wednesday, oil stocks generally declined, with Western Petroleum and Chevron both falling more than 4%. Brent crude futures dropped over 5% at one point, as the market was affected by Trump's announcement of a gradual withdrawal from military actions against Iran, which increased expectations for an end to the conflict and improved global risk sentiment.

LootboxPhobia

2026-04-02 04:42:54

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Zhitoong Finance APP learned that on Wednesday, oil stocks broadly declined. Occidental Petroleum (OXY.US) and Chevron (CVX.US) dropped more than 4%, Petrobras (PBR.US) and ConocoPhillips (COP.US) fell over 3%, and Imperial Oil (IMO.US) decreased nearly 2%. Brent crude oil futures once declined by more than 5% during the day; as of the time of writing, they were down 2.81%. On the news front, expectations of a ceasefire between the U.S. and Iran continued to strengthen. Market participants said that U.S. President Trump stated that the U.S. would gradually withdraw from military actions against Iran over the next two to three weeks, and he indicated that strategic objectives had been largely achieved. This statement reinforced market expectations that the conflict could end quickly, leading to a significant rebound in global risk sentiment.

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