Noble Corporation and Patterson-UTI Shares Fall as Oil Prices Drop on Hormuz Reopening

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4▲0 ▼2Impact / 5
Summary · why it matters

Shares of Noble Corporation and Patterson-UTI fell sharply as crude oil prices dropped to their lowest level since the start of the Iran conflict, driven by tankers resuming transit through the Strait of Hormuz and progress toward ending the war. Noble Corporation fell 6.1 percent and Patterson-UTI fell 5.6 percent, while the S&P 500 energy index declined about 2.45 percent. WTI crude fell about 4 percent to near 70 dollars a barrel and Brent fell about 4 percent to near 74 dollars a barrel, the lowest since February 27. The decline followed a U.S.-Iran interim agreement that waives sanctions on Tehran's oil and reopens the strait, stripping away the geopolitical risk premium that had boosted energy stocks.

Impact on assets 13

Energy▼ · 7 stocks
Noble Corporation plc
NE
▼ NegativeGeopoliticsrelevance

Oil price drop due to Hormuz reopening and Iran deal reduces demand for offshore drilling services.

Patterson-UTI Energy Inc
PTEN
▼ NegativeGeopoliticsrelevance

Oil price drop due to Hormuz reopening and Iran deal reduces demand for onshore drilling services.

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