The price of WTI crude oil crashed overnight after US President Donald Trump declared that he had delayed his threat to attack Iran's infrastructure by two weeks.
He describes what he calls a "double-sided ceasefire" contingent on Iran opening the Strait of Hormuz to allow oil supplies to flow back through.
The latest update has renewed hopes that the two nations may be moving toward a ceasefire agreement to end the conflict.
The announcement saw the price of WTI crude oil plummet below US$95 per barrel this morning, down from over US$117 per barrel yesterday, according to Trading Economics data.
The prices for Brent oil, gasoline, and heating oil have also dropped significantly.
The latest market shift has acted as a tough headwind for ASX oil and gas or energy shares this morning, with many opening in the red.
These are the stocks to watch today.
Image source: Getty Images
Woodside Energy Group Ltd (ASX: WDS)
Woodside shares have crashed 10.7% this morning, to $31.97 a piece. Today's share price drop follows a steep share price rally during the first three months of 2026, which accelerated significantly since the conflict between the US and Iran ramped up in late February.
Woodside shares spiked to a multi-year high of $34.93 at the close of the ASX on Tuesday, having jumped over 51% since the start of 2026.
Santos Ltd (ASX: STO)
Santos shares have dropped 6% in Wednesday morning trade, after news that a reprieve in global oil restrictions saw investors sell up their shares. The Australian oil and gas exportation and production company's shares are changing hands for $7.60 a piece at the time of writing.
Santos shares spiked to a four-year high of $8.08 at the close of the ASX yesterday afternoon, having jumped 31.5% since the markets opened on the 2nd of January.
Beach Energy Ltd (ASX: BPT)
Beach Energy shares are also suffering in early morning trade. At the time of writing, the Australian oil and gas exploration and production company's shares are down 7.1% to $1.21 a piece.
The shares jumped over 20% in March alone, but after this morning's sell-off, they're trading 0.8% below where they were this time last year.
Ampol Ltd (ASX: ALD)
The Australian petroleum company is the largest transport energy distributor and retailer in Australia, with more than 1,800 Ampol-branded service stations across the country as of June 2025. Unsurprisingly, news that the US and Iran could be reaching a peace deal has resulted in a sharp drop in its share price.
At the time of writing, Ampol shares are down 4.2% to $32.03 each; however, they are still up 13.7% since the war escalated in late February.
Viva Energy Group Ltd (ASX: VEA)
Viva Energy Australia is a listed Australian company that owns the Geelong Oil Refinery and is licensed to retail Shell-branded fuels across Australia under a licence agreement. It also owns and retails fuel through Coles Express, OTR, Reddy Express, Liberty Oil, and Westside Petroleum-branded service stations.
Like Ampol, its share price is suffering from downward pressure from lower oil prices this morning. At the time of writing, Viva shares have crashed 9.9% to $2.38. Viva shares have soared, however, over the past 5 weeks. Even after this morning's decline, the share price is 34.5% higher than in late February.
