Exxon Mobil shares traded lower Monday after oil prices slid on news of a U.S.-Iran agreement. New York, June 15, 2026, 11:47 EDT
- Exxon Mobil slipped about 4% late Monday morning as crude prices dropped after the U.S. and Iran struck a framework deal.
- Brent and WTI slid to their lowest levels since March 10, with the deal raising hopes for the reopening of the Strait of Hormuz.
- Exxon Mobil Corporation shares face more pressure after the recent drop. Investors are now looking at weaker Q1 earnings and compressed margins.
Exxon Mobil shares slid Monday as oil prices sold off after the U.S. and Iran said they would end their war and reopen the Strait of Hormuz. Exxon last traded at $141.10, down about 4%. Shares hit a session low of $137.78. Brent crude dropped 5.02% to $82.95, while WTI lost 5.42% to $80.28 as of 10:54 a.m. EDT, according to Reuters.
Oil-linked shares are under pressure as traders pull back some of the war premium. The U.S. and Iran are expected to sign an MOU in Switzerland on Friday, Reuters said, with more talks planned in the next 60 days. Reuters “With a wall of oil supply very possibly on the way, the sell-off looks justified,” Dennis Kissler, senior vice president of trading at Bok Financial, told Reuters. Reuters
Energy shares fell as the deal took pressure off a possible Hormuz shutdown. Reuters reported losses for Exxon and Chevron. Valero, Marathon Petroleum, and Phillips 66 also slipped, Reuters said. Reuters Benzinga noted on Monday that Exxon was hit as oil retreated, with the stock falling through various short- and medium-term moving averages.
Exxon shares reacted to more than just oil’s move on Monday. Investors entered the session already eyeing softer earnings. First-quarter net income fell to $4.2 billion, down from $7.7 billion last year, though sales and other operating revenue climbed to $83.161 billion. Exxon Mobil Corporation Gross margin for the quarter came in at 25%, the lowest seen in eight quarters, according to a TIKR review out Monday.
Offsets remain a factor. Exxon posted first-quarter net production of 4.6 million oil-equivalent barrels per day. Guyana hit a new quarterly high with over 900,000 gross barrels per day, the company reported, and Golden Pass LNG produced its first output from Train 1. Exxon Mobil Corporation Kalkine Media pointed to Guyana’s growth and steady dividends as reasons the pullback is being treated as a test of valuation rather than just a selloff tied to Exxon specifically.
But lower crude isn’t a clear win for big oil companies. Profits from upstream fall as prices drop, and how refining and trading shape up will hinge on how quickly supply gets back to normal. That may take a while. “It’s going to take time for people to feel comfortable,” Daniel Evans, global head of fuels and refining research at S&P Global Energy, told AP. The AP reported shipping, insurance and restarts are delayed, all of which could keep supply from returning to normal fast. apnews.com
