Exxon and Chevron shares fall as oil prices drop on hopes for US-Iran peace deal

Shares of major oil companies Exxon Mobil and Chevron fell sharply as oil prices declined amid growing investor optimism that the US and Iran are nearing a peace agreement. The potential resolution of conflict involving Iran is reducing geopolitical risk, which typically supports higher oil prices. This shift suggests investors expect a more stable oil market ahead, impacting energy stocks negatively for now. The situation remains fluid, and any official agreement could further influence market dynamics.