VDE is trading 3.7% down today as oil prices collapse following reports of a US-Iran memorandum pausing hostilities.
- Brent crude plunged 12% to $97.21, erasing previous gains linked to Strait of Hormuz disruptions after China issued a ceasefire call.
- The broad energy sector sell-off has caused VDE to decouple from the broader market, which is currently trending higher behind a significant tech rally.