U.S. Stock Market Alert: Oil stocks fall collectively, Occidental Petroleum (OXY.US) drops over 2%

According to the Golden Finance app, on Wednesday, oil stocks fell across the board, with Occidental Petroleum (OXY.US) and Imperial Oil (IMO.US) both dropping more than 2%, while ConocoPhillips (COP.US) and Chevron (CVX.US) fell by 2%. WTI crude oil fell below $70 per barrel, dropping 4.40% intraday. In terms of news, both Washington and Tehran have indicated that preliminary progress has been made in negotiations. However, negotiations are expected to continue for a longer period of time, and there are still clear differences in the interpretation of the outcome between the two sides. Recent developments in crude oil transport through the Strait of Hormuz also indicate improvements in supply. The International Energy Agency estimates that the UAE's current crude oil export volume has rebounded to nearly 85% of pre-war levels.