Oil stocks fell in premarket trading as crude prices declined more than 5%. Brent crude was trading around $83.6 per barrel while West Texas Intermediate (WTI) was approximately $80 per barrel. The price drop was attributed to easing geopolitical tensions, particularly renewed diplomatic efforts between the United States and Iran. Major energy companies such as Exxon Mobil and Chevron were among the largest decliners in the S&P 500.
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