Chevron Corp is trading 3.1% down at $181.50 in pre-market as Brent crude prices fall over 4% following significant geopolitical developments.
- A tentative 60-day peace agreement between the U.S. and Iran and the planned reopening of the Strait of Hormuz have eased supply-risk premiums, pressuring the energy sector.
- The stock is notably underperforming broader index futures, which remain solidly higher amid a general risk-on sentiment in equity markets.