SHEL is trading at $84.55 (-3.04%) as oil prices drop sharply following diplomatic progress between the U.S. and Iran to reopen the Strait of Hormuz.
- Brent crude plummeted over 7% toward $100 per barrel, easing supply fears and overshadowing Shell's Q1 earnings beat of $6.92 billion.
- While adjusted earnings surpassed the $6.36 billion expected by analysts, the broader energy market is being pressured by the significant retreat in crude prices.
- The stock continues its downward momentum after closing yesterday at $87.20 (-2.80%).