XOM shares slide with crude as Iran talk hopes cut oil prices

XOM fell roughly 3% in the Monday, November 2 session as crude oil dropped more than 7% on signs of renewed U.S.-Iran diplomacy. Energy was the weakest group that day, with the Energy Select Sector SPDR down about 3% and the E&P ETF off about 3.5%. The move followed a statement from Iran's president that the supreme leader had widened the government's authority to negotiate, and a post from President Trump saying a settlement could come soon. Brent fell to about $104.77 and WTI to about $96.46 after the post, though both partly recovered in early trading on Tuesday as reports of fresh U.S. strike threats resurfaced. The episode shows how closely XOM's near-term share price is tied to the Iran conflict premium in crude, which has lifted the stock to recent 52-week highs.

1. XOM was down 3.2% on Monday, November 2, 2026, while the Energy Select Sector SPDR fell about 3% (Benzinga, Nov 3 2026).
2. Crude oil fell more than 7% that day, its steepest one-day drop since July 27, on renewed U.S.-Iran diplomacy (Benzinga, Nov 3 2026).
3. Brent fell $8.66 (7.63%) to $104.77 and WTI fell $7.66 (7.36%) to $96.46 after President Trump's post on Truth Social (Benzinga, Nov 3 2026).
4. Iranian President Masoud Pezeshkian said the supreme leader had granted the government additional authority to pursue negotiations (Benzinga, Nov 3 2026).
5. Early Tuesday trading saw WTI and Brent recover to about $97 and $105 as analysts cautioned against excessive optimism and U.S. strike threats persisted (Benzinga, Nov 3 2026).
6. Benzinga had earlier noted XOM trading near its 52-week high in late October amid Iran tensions (Benzinga, Oct 2026).