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# Energy stocks had their worst week since April 2025 as the war premium drained out of oil
- URL: https://www.sharespective.com/stories/energy-stocks-their-worst-week-since-2026-11-09/
- Published: 2026-11-08T22:15:02.000Z
- Updated: 2026-11-08T22:50:35.000Z
- Description: The energy companies in the S&P 500 fell 12.0% last week, the worst of the index's 11 sectors and almost double the next worst. It is the group's steepest week since April 2025, and bigger than 98.9% of weeks since 1999.
- Author: Shaun Botha
- Tags: Energy, #story, #group-energy

The energy companies in the S&P 500 fell 12.0% last week, the worst of the index's 11 sectors and almost double the next worst. It is the group's steepest week since April 2025, and bigger than 98.9% of weeks since 1999.

**The trigger was a conversation rather than a barrel.** Iran and the United States both signalled on 2 November that they would rather talk than fight. West Texas Intermediate then fell about 15% in three sessions, from above US$104 to near US$88.

What left the price was fear. Torsten Sløk, Apollo's chief economist, notes Iran's crude exports have fallen from roughly 1.8 million barrels a day to essentially zero, and the market had been paying for that risk all through October.

[![Chart: US energy shares hand back almost all of October. Daily closes of XLE, the fund tracking the energy companies in the main US share index, in US$ a share, 28 August to 6 November 2026: 70.02 on 30 October, 61.62 on 6 November.](https://storage.ghost.io/c/02/71/0271df32-cec6-421f-9f13-b06ab90e54c1/content/images/2026/11/chart-energy-closes-xle-fund-2026-11-09-wide-light.jpg)](https://www.sharespective.com/chart-energy-closes-xle-fund-2026-11-09/) 

This story’s chart of the day: the numbers, the dark version and the animated version are on its own page. [The chart’s page →](https://www.sharespective.com/chart-energy-closes-xle-fund-2026-11-09/)

Energy shares skipped crude's recovery. WTI clawed back about 3% on Friday to settle at US$90.83 and Brent at US$98.32, and the sector still fell 3% to its lowest close since 30 September. Exxon Mobil and Chevron each lost about 2%.

The tell 

cheaper crude reaches Tuesday's inflation report long before it reaches anyone's dividend. Energy is still 2026's best sector, up about 40% for the year, and our read is that the market has already banked a deal Tehran and Washington have not signed.

[ This story ran in The One-Day Rally Monday 9 November’s edition, with the market snapshot, the other two stories, the numbers and the week ahead. Read the whole edition → ](https://www.sharespective.com/sharespective-2026-11-09/)