Oil prices drop nearly 9% on US-Iran deal hopes, dragging down major energy stocks.

Oil prices fell sharply by nearly 9% to just above $100 a barrel amid reports of progress in US-Iran talks aimed at ending the war and resuming nuclear negotiations. This optimism about a diplomatic breakthrough, including a potential pause on Iran's nuclear enrichment and phased US sanctions relief, caused shares of major oil companies like BP, Shell, Chevron, and Exxon Mobil to decline. The easing of Middle East tensions and the prospect of reopening the Strait of Hormuz, a vital oil route, reduced supply concerns and pressured energy stocks despite broader market gains. However, no final agreement has been reached yet, and uncertainty remains over the outcome of ongoing negotiations.