Shares of Transocean, Nabors Industries, and Helix Energy Solutions declined in afternoon trading as oil prices extended losses, with Brent crude falling below $80 per barrel for the first time since March and WTI dropping to around $75. The decline was driven by the Iran peace deal, which removes the supply disruption risk premium that had kept oil elevated since the Strait of Hormuz blockade began in late February, when Brent peaked at $126. Transocean fell 3.9%, Nabors Industries fell 3.7%, and Helix Energy Solutions fell 3.5%, as lower oil prices are expected to prompt producers to cut drilling capital expenditures, reducing demand for oilfield services.
Helix Energy Solutions Group IncLower oil prices expected to reduce drilling capex, cutting demand for oilfield services.
Nabors Industries Ltd.Lower oil prices expected to reduce drilling capex, cutting demand for oilfield services.
Transocean LtdLower oil prices expected to reduce drilling capex, cutting demand for oilfield services.