US Stock Market Movement | WTI crude oil futures fall over 6%, oil stocks decline across the board

According to Zhitong Finance APP, on Monday, oil stocks generally declined. ConocoPhillips (COP.US) fell 2.68%, Occidental Petroleum (OXY.US) dropped 2.56%, Petrobras (PBR.US) decreased 2.26%, ExxonMobil (XOM.US) slid 2.11%, BP (BP.US) declined 1.96%, and Chevron (CVX.US) was down 1.49%. Brent crude oil and US WTI crude oil futures widened their losses, both falling by more than 6%. Market expectations for progress in US-Iran diplomacy increased, and the geopolitical risk premium accumulated over the past few weeks due to ongoing tensions in the Strait of Hormuz was partially released. The market is hoping for an agreement to end the Iran war.