The trading week began with a sharp decline in oil prices following an announcement from U.S. President Donald Trump stating that a deal with Iran has been finalized and the Strait of Hormuz is set to reopen.
Brent crude is currently down 5.1 percent to $82.84 per barrel, while WTI crude has retreated 5.7 percent to $80.03.
The sell-off placed immediate pressure on European energy firms. The Stoxx 600 Energy Index fell 2.3 percent in early trading. In London, the FTSE 100 energy index dropped 4 percent, led by BP, which sank 3.8 percent, and Shell, which retreated 3.7 percent.
On the Oslo Stock Exchange, Equinor is down 5.9 percent and Vår Energi has fallen 6.1 percent. On the Stockholm Stock Exchange, International Petroleum Corp is trading 5.1 percent lower. Even Orrön Energy, which focuses on renewable energy, has declined 3.9 percent.
Market participants anticipate that a reopened Strait of Hormuz will significantly reduce the risk of disruptions to the global oil supply.
Equinor ASA is Scandinavia's No. 1 oil group. Net sales break down by activity as follows:
- refining and distribution of oil products (98.8%): purchasing and sales of crude oil, production of methanol and distribution of refined products. The group is also involved in transformation, transport and sale of natural gas;
- exploration and production of petrol and natural gas (1.1%);
- other (0.1%).
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