European oil and gas equities are retreating sharply today after the United States and Iran agreed to a two-week ceasefire, sending energy prices into a tailspin following a period of robust gains.
Equinor is shedding 13 percent, while Norwegian peers Vår Energi and Aker BP are down 12 percent and 10 percent respectively. On the Swedish market, IPC is sliding nearly 12 percent, while Meren Energy is losing almost 9 percent.
Within the sector, BP, Shell, Eni, TotalEnergies, and Repsol are also trading lower.
Brent crude has dropped approximately 13 percent to just under 95 dollars per barrel following the announcement, while WTI retreated 15 percent.
The European oil and gas index is down 4.3 percent, making it the day's worst-performing sector.
BP p.l.c. is one of the world's leading oil groups. Net sales break down by activity as follows:
- sale of petroleum products (60.4%);
- sale of natural gas, liquefied natural gas and natural gas liquids (14.6%);
- crude oil sales (1.1%);
- other (23.9%).
Export accounts for 70.1% of net sales.
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