US Stock Market Move | WTI crude oil futures fall more than 6%, oil stocks broadly decline.

On Monday, oil stocks broadly declined. ConocoPhillips (COP.US) fell 2.68%, Occidental Petroleum Corporation (OXY.US) dropped 2.56%, Petrobras (PBR.US) declined 2.26%, Exxon Mobil Corporation (XOM.US) fell 2.11%, BP p.l.c. Sponsored ADR (BP.US) dropped 1.96%, and Chevron Corporation (CVX.US) fell 1.49%. Brent crude and US WTI crude oil futures extended their losses, both falling more than 6%. Expectations for diplomatic progress between the US and Iran increased, releasing some of the geopolitical risk premium that had accumulated over weeks of persistent tensions over the Strait of Hormuz. The market is hoping for a deal to end the Iran war. On the news front, reports indicated that Trump is inclined to give more time to diplomatic efforts with Iran and hold off on launching a new round of military action. On November 2 local time, Iranian Foreign Minister Araghchi stated that if the US accepts our conditions, the Strait of Hormuz will reopen and negotiations will resume.