XLE and XOP unwind the entire Iran conflict rally, sliding to $53.84 and about $154

XLE and XOP have fully erased the gains sparked by the Iran conflict earlier this year, falling to $53.84 and about $154, below pre-fighting levels from late February. Comstock Resources (CRK) is down nearly 40% from its March 30 high. Technical signals point to oversold WTI crude, but easing geopolitical tensions are driving near-term sentiment. A tougher G7 stance on Russian energy sanctions is a counterweight, though the main theme remains a fading supply-risk premium.