Commodities
Trump's Iran Talks Trigger Sharp Crude Oil Price Drop
US President Donald Trump's announcement that negotiations with Iran would begin on Monday triggered a sharp drop in crude oil prices, sending Brent crude futures down 4.6% to $83.88 per barrel.
The talks will focus on reopening the Strait of Hormuz and negotiations on Iran's nuclear program.
Energy stocks were hit hard, with Chevron (CVX) falling 1.2%, Exxon Mobil (XOM) slipping 1.6%, and Occidental Petroleum (OXY) losing around 1.5% in premarket trading.
Barclays raised its price target on Chevron to $216 from $213 following the company's second-quarter results, citing record Permian production, stronger refining margins, and lower capital spending as key positives.