Oil stocks decline as trade tensions fuel recession fears

U.S. oil and gas companies decline tracking declining crude prices on worries U.S. President Donald Trump's latest round of trade tariffs could push economies around the world into recession and reduce global demand for energy

Brent futures LCOc1 down 1.1% at $64.78/bbl while U.S. West Texas Intermediate crude CLc1 falls 1.3% at $61.19/bbl, putting both benchmarks on track for their lowest closes since April 2021 O/R

Session marked by extreme volatility following reports of what the White House called "fake news" that Trump was considering a 90-day pause on tariffs for all countries except China

Energy majors Exxon Mobil XOM.N and Chevron CVX.N lose 1.8% and 1.4%, respectively

Last week, XOM slumped 11.37%, CVX tanked 13.73%

Oil and gas producers Occidental Petroleum OXY.N down 3.9% EOG Resources EOG.N slips 2.9%, and Devon Energy DVN.N down 1.9%

Top oilfield services firm SLB SLB.N declines ~5% and Halliburton HAL.N falls 1%

Refiners PBF Energy PBF.N and Phillips 66 PSX.N slide 4.1% and 1.4%, respectively