U.S. energy stocks tumbled in premarket trading as crude prices slid over 14% to below $100 a barrel. Exxon Mobil shed 6%, Chevron dropped 4.8%, and Occidental Petroleum lost 8.3%. This price drop followed the agreement of a two-week ceasefire between the U.S. and Iran, which allows energy supplies through the Strait of Hormuz to resume.
Interest-rate futures now show investors see a 56% chance of a 25-basis-point cut by the end of 2026, a shift from expectations of no easing this year a day ago.
Fed interest rate decision
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