Diamondback Energy led the decline with a 9.2% drop to $192.13, while EOG Resources followed, shedding 5.6% to reach $145.20. The downward pressure extended to industry heavyweights: Devon Energy fell 4.5% to $49.04, ExxonMobil slipped 3.1% to $164.15, and Chevron recorded a 2.6% loss at $212.06. BP and Shell shares mirrored this sentiment, sliding 2.7% and 2.4% respectively.

This cooling period follows a rally that pushed oil futures to their highest point since May 19, driven by concerns over the security of shipping lanes and energy infrastructure. Markets now pivot toward the Fed’s policy meeting conclusion, where an anticipated rate hike threatens to dampen economic momentum. Meanwhile, logistical pressures persist in the Persian Gulf; Saudi Arabia continues to reroute crude supplies toward alternative terminals following attacks that shuttered the East-West Pipeline, a vital bypass for exports usually dependent on the Strait of Hormuz.