Oil prices plunge 6% as US-Iran diplomacy eases supply fears
Published . Updated .
Brent falls to $106.50 a barrel, while US benchmark slips below $98 as diplomatic efforts focus on reopening the Strait of Hormuz | Anadolu
Directly affected
- No company is named in this report.
Indirectly affected
- USO United States Oil Fund+13.9% 30d
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- XLE Energy Select Sector SPDR+12.1% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story.
- BWET Breakwave Tanker Shipping ETF-3.3% 17d
Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “oil” (tanker shipping) in this story.
- XOM ExxonMobil Holdings+13.4% 16d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- CVX Chevron+15.7% 30d
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- OXY Occidental Petroleum+1.5% 30d
Occidental Petroleum (crude petroleum and natural gas): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- COP ConocoPhillips+8.3% 30d
ConocoPhillips (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- FRO Frontline+14.2% 30d
Frontline (deep sea foreign transportation of freight): tanker owners earn more when more crude has to move by sea. Linked by “oil” (tanker shipping) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| USO | -1.54% | -1.29% | base | -5.78% | after close | after close | after close |
| XLE | -0.51% | -2.20% | base | -1.71% | after close | after close | after close |
| BWETNo price data for this ticker | — | — | — | — | — | — | — |
| XOM | -1.45% | -2.77% | base | -1.98% | after close | after close | after close |
| CVX | -1.54% | -2.69% | base | -1.36% | after close | after close | after close |
| OXYNo price data for this ticker | — | — | — | — | — | — | — |
| COPNo price data for this ticker | — | — | — | — | — | — | — |
| FRO | -2.94% | -2.39% | base | -5.58% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
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Oil prices plunge 6% as US-Iran diplomacy eases supply fears Anadolu Ajansı
Source: Anadolu Ajansı
What happened to United States Oil Fund (USO) the last 18 times Strait of Hormuz was in the news
In the last 18 similar stories, United States Oil Fund (USO) moved an average of -3.69% the next day. The best was -3.69% and the worst was -3.69%, from 18 prices.
| Company | When | Average | Largest gain | Largest drop | Prices |
|---|---|---|---|---|---|
| United States Oil Fund (USO) | the next day | -3.69% | -3.69% | -3.69% | 18 |
| United States Oil Fund (USO) | three days later | -1.37% | -1.37% | -1.37% | 18 |
| Select Sector Spdr Tr (XLE) | the next day | -1.51% | -1.51% | -1.51% | 18 |
| Select Sector Spdr Tr (XLE) | three days later | -0.87% | -0.87% | -0.87% | 18 |
| ExxonMobil Holdings (XOM) | the next day | -1.64% | -1.64% | -1.64% | 18 |
| ExxonMobil Holdings (XOM) | three days later | -0.44% | -0.44% | -0.44% | 18 |
- Reports of Explosion, Possible Damage to Giant Oil Tanker in Strait of Hormuz
- Shafaq News..Oil supertanker struck while exiting Strait of Hormuz
- Two 'unauthorised' oil tankers struck in Strait of Hormuz, Iran says
- US says helped Gulf nations export 1.5 bn barrels of oil through Hormuz
- Shafaq News..US: Hormuz oil exports exceed 1.5B barrels
- CENTCOM says helped Gulf nations export 1.5 billion barrels of oil via Hormuz
United States Oil Fund (USO) compared with energy stocks (XLE) since 2 Nov 2026
| Company | When | Move | Status |
|---|---|---|---|
| Chevron (CVX) | that day | -1.36% | still updating |
| Chevron (CVX) | three days earlier | -2.69% | final price |
| Chevron (CVX) | five days earlier | -1.54% | final price |
| Frontline (FRO) | that day | -5.58% | still updating |
| Frontline (FRO) | three days earlier | -2.39% | final price |
| Frontline (FRO) | five days earlier | -2.94% | final price |
| United States Oil Fund (USO) | that day | -5.78% | still updating |
| United States Oil Fund (USO) | three days earlier | -1.29% | final price |
| United States Oil Fund (USO) | five days earlier | -1.54% | final price |
| Select Sector Spdr Tr (XLE) | that day | -1.71% | still updating |
| Select Sector Spdr Tr (XLE) | three days earlier | -2.20% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | -0.51% | final price |
| ExxonMobil Holdings (XOM) | that day | -1.98% | still updating |
| ExxonMobil Holdings (XOM) | three days earlier | -2.77% | final price |
| ExxonMobil Holdings (XOM) | five days earlier | -1.45% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 19 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 63 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Pete Sessions sold Chevron (CVX), worth $15,001 - $50,000 on 14 Oct 2026. That is 19 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 40 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 61 days before publication. Filed 7 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Occidental Petroleum (OXY), worth $100,001 - $250,000 on 21 Aug 2026. That is 73 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 26 Aug 2026. That is 68 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 24 Aug 2026. That is 70 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Conocophillips (COP), worth $1,000,001 - $5,000,000 on 21 Aug 2026. That is 73 days before publication. Filed 8 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Where “Oil prices plunge 6% as US-Iran diplomacy eases supply fears” sits: Strait of Hormuz
Geopolitics Alpha has 180 stories about Strait of Hormuz from the past 7 days and 475 stories from the past 30. That is faster than its usual pace over the past month. “Oil prices plunge 6% as US-Iran diplomacy eases supply fears” is tagged to Strait of Hormuz.
Who is named in “Oil prices plunge 6% as US-Iran diplomacy eases supply fears”
Companies that tend to gain
- XOM ExxonMobil Holdings
For “Oil prices plunge 6% as US-Iran diplomacy eases supply fears,” ExxonMobil Holdings (XOM) tends to benefit, medium confidence. Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- CVX Chevron
For “Oil prices plunge 6% as US-Iran diplomacy eases supply fears,” Chevron (CVX) tends to benefit, medium confidence. Reason on file: Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- OXY Occidental Petroleum
Occidental Petroleum (OXY) tends to benefit, medium confidence in the 2 Nov 2026 story “Oil prices plunge 6% as US-Iran diplomacy eases supply fears.” Reason on file: Occidental Petroleum (crude petroleum and natural gas): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
No up or down call on file
- USO United States Oil Fund
United States Oil Fund (USO) is linked, with no stored direction, medium confidence in the 2 Nov 2026 story “Oil prices plunge 6% as US-Iran diplomacy eases supply fears.” Reason on file: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
- XLE Select Sector Spdr Tr
In “Oil prices plunge 6% as US-Iran diplomacy eases supply fears,” Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence. Reason on file: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
- BWET Amplify Commodity Trust
In “Oil prices plunge 6% as US-Iran diplomacy eases supply fears,” Amplify Commodity Trust (BWET) is linked, with no stored direction, medium confidence. Reason on file: Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “oil” (tanker shipping) in this story
- COP Conocophillips
For “Oil prices plunge 6% as US-Iran diplomacy eases supply fears,” Conocophillips (COP) is linked, with no stored direction, medium confidence. Reason on file: ConocoPhillips (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
How energy news reaches United States Oil Fund (USO)
United States Oil Fund (USO) is the company in “Oil prices plunge 6% as US-Iran diplomacy eases supply fears,” the 2 Nov 2026 Strait of Hormuz story.
For United States Oil Fund (USO), the reason on file says United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
Select Sector Spdr Tr (XLE) is here too. Its reason reads: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
What this energy story puts on the calendar
BWET traded between 788.51 and 1047.07 across 17 sessions. The latest close on file is 907.20. USO traded between 141.82 and 171.80 across 20 sessions. The latest close on file is 168.83. XLE traded between 62.06 and 70.15 across 20 sessions. The latest close on file is 70.00.
How strong the case is around United States Oil Fund (USO)
54 out of 100Price not final
“Oil prices plunge 6% as US-Iran diplomacy eases supply fears” scores 54 out of 100. The score uses 2 sources, and 8 linked companies. The price is not final yet.