Daily newsletter · Mon 9 Nov 2026
Energy stocks had their worst week since April 2025 as the war premium drained out of oil
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.
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%.
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.
More in
All stories →- Tuesday 10 November An $8 billion Iranian proposal reached the White House and took another 4% off oil
- Tuesday 3 November Oil fell more than 7% because Iran and the United States started talking
- Saturday 31 October Exxon Mobil and Chevron touched record highs as refining profits soared
General information and commentary only, not financial advice. It does not take account of your objectives, financial situation or needs, and reflects the author's own reading of public information at the time of writing, which may be wrong. Sharespective, its people and its clients may hold positions in the companies covered. Do your own research and talk to a licensed adviser.