Oil Stocks Plunge on Middle East Tensions Easing

Oil stocks took a hit in premarket trading on Monday as crude prices dropped sharply following the US and Iran's decision to pause military strikes over the weekend. This development has fueled hopes that tensions in the Middle East could ease, leading to a decline in oil prices.

The United States Oil Fund LP ETF (USO), BNO, UCO, SCO, USL, DBO, DRIP, GUSH, USOI, and XLE were among the oil stocks affected by this development. These stocks are popular among investors due to their exposure to crude oil prices.

The Quant-rated stocks in the sector have been identified as PTEN (4.3%), XOM (3.8%), CVX (3.7%), MPC (3.6%), DINO (3.5%), PSX (3.4%), PBF (3.3%), PARR (3.2%), INSW (3.1%), and NESR (3.0%). These stocks have been rated based on their historical performance, with a higher rating indicating better performance.