US energy stocks drop as oil slides after Middle East ceasefire

S&P 500 energy index .SPNY down 4.9% as oil slides after U.S.-Iran ceasefire

Crude prices dip below $100 a barrel after U.S. President Donald Trump says he has agreed to a two-week ceasefire with Iran, subject to an immediate and safe reopening of the Strait of Hormuz

Brent crude futures LCOc1 down 14.8% at $93.08/barrel, U.S. West Texas Intermediate CLc1 falls 16.8% to $93.99/barrel

Shares of Exxon Mobil XOM.N and Chevron CVX.N down 6.1% and 5.3%, respectively

APA Corp APA.O dips 10.8%, Occidental Petroleum OXY.N falls 7.6%, Coterra Energy CTRA.N down 5.4% and Devon Energy DVN.N declines 5.4%

Refiners Marathon Petroleum MPC.N and Phillips 66 PSX.N shed 5.2% and 4.5%, respectively

Brokerage Roth MKM downgrades some oil stocks, saying the commodity has likely peaked

Roth has changed its ratings on the following cos: