{"id":72215,"date":"2026-09-25T01:38:14","date_gmt":"2026-09-25T05:38:14","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-iran-phased-deal-hopes-cool-crude-prices-hsbc-raises-targets-for-bp-and-chevron\/72215\/"},"modified":"2026-09-25T01:38:14","modified_gmt":"2026-09-25T05:38:14","slug":"us-iran-phased-deal-hopes-cool-crude-prices-hsbc-raises-targets-for-bp-and-chevron","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-iran-phased-deal-hopes-cool-crude-prices-hsbc-raises-targets-for-bp-and-chevron\/72215\/","title":{"rendered":"US-Iran Phased Deal Hopes Cool Crude Prices; HSBC Raises Targets for BP and Chevron"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong><a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">Crude oil<\/a> futures pulled back<\/strong> as Brent dropped toward <strong>$105 per barrel<\/strong> following reports that the <strong>US and Iran<\/strong> are exploring a phased agreement to reopen the <strong>Strait of Hormuz<\/strong>.<\/li>\n<li><strong>HSBC raised price targets<\/strong> for energy majors <strong>BP (<a href=\"\/stock\/BP\">BP<\/a>)<\/strong> to <strong>640p<\/strong> and <strong>Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>)<\/strong> to <strong>$250<\/strong>, reflecting a robust outlook for the sector despite short-term price volatility.<\/li>\n<li><strong>Chinese President Xi Jinping<\/strong> urged both Washington and Tehran to return to negotiations during a high-profile meeting with <strong>President Donald Trump<\/strong> at the White House.<\/li>\n<li><strong>Kyiv faced a fresh wave of Russian drone attacks<\/strong> early Friday, with explosions reported near the city center and damage to a 25-story residential building.<\/li>\n<\/ul>\n<h2>US-Iran Diplomacy Impacts Global Energy Markets<\/h2>\n<p>Crude oil prices reversed recent gains on Friday as traders reacted to a potential diplomatic breakthrough in the Middle East. Reports indicate that <strong>Iranian Foreign Minister Abbas Araghchi<\/strong> presented a proposal to the US through mediators this week, outlining a <strong>seven-day roadmap<\/strong> to reopen the <strong>Strait of Hormuz<\/strong>. Under the proposed phased deal, Iran would restore navigation in the vital waterway in exchange for the US lifting its economic blockade and unfreezing Iranian assets.<\/p>\n<p>The news sent <strong>Brent crude<\/strong> lower after it had surged more than 7% earlier in the week due to heightened tensions. <strong>West Texas Intermediate (WTI)<\/strong> also slipped, trading below <strong>$93 per barrel<\/strong>. Market participants are closely watching the <strong>UN General Assembly<\/strong> in New York, where indirect talks are reportedly intensifying between US and Iranian envoys.<\/p>\n<h2>HSBC Bullish on Energy Majors BP and Chevron<\/h2>\n<p>Despite the cooling of oil prices, <strong>HSBC<\/strong> analysts issued optimistic updates for two of the world\u2019s largest integrated energy companies. The bank raised its price target for <strong>BP (<a href=\"\/stock\/BP\">BP<\/a>)<\/strong> from <strong>570p to 640p<\/strong>, citing strong financial performance and a &quot;Hold&quot; consensus among analysts. <strong>BP<\/strong> recently reported quarterly earnings per share of <strong>$2.22<\/strong>, significantly exceeding the consensus estimate of <strong>$1.87<\/strong>.<\/p>\n<p>Similarly, <strong>HSBC<\/strong> hiked its target for <strong>Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>)<\/strong> to <strong>$250<\/strong> from <strong>$218<\/strong>. Analysts highlighted <strong>Chevron&#39;s<\/strong> limited exposure to Middle Eastern regional risks as a key driver for the upgrade, with only 4% of its upstream production originating from the area. The stock has climbed approximately <strong>35% year-to-date<\/strong>, buoyed by a strong balance sheet and a massive <strong>$184.4 billion<\/strong> revenue performance in the previous fiscal year.<\/p>\n<h2>Xi and Trump Discuss &quot;Strategic Stability&quot;<\/h2>\n<p>In Washington, <strong>Chinese President Xi Jinping<\/strong> and <strong>President Donald Trump<\/strong> held a series of closed-door meetings at the White House. According to state news agency <strong>Xinhua<\/strong>, Xi urged the US and Iran to resolve their issues through negotiation &quot;as soon as possible&quot; and expressed support for a return to the <strong>Islamabad Memorandum of Understanding<\/strong>.<\/p>\n<p>The summit also touched on <strong>artificial intelligence (AI)<\/strong> safety and trade, with both leaders reaching a &quot;common understanding&quot; on several issues. While no formal trade agreement was announced, the meeting was seen as a significant effort to manage the superpower rivalry and maintain global stability.<\/p>\n<h2>Geopolitical Tensions Persist in Ukraine<\/h2>\n<p>While diplomacy dominated the headlines in the West, the conflict in Eastern Europe continued to escalate. Early Friday, a <strong>Russian drone attack<\/strong> triggered explosions near central <strong>Kyiv<\/strong>, marking the second consecutive night of heavy aerial bombardment. <strong>Kyiv Mayor Vitali Klitschko<\/strong> reported that debris from a downed UAV hit a <strong>25-story residential building<\/strong> in the Solomianskyi district, resulting in at least one injury.<\/p>\n<p>The attack follows a deadly barrage on Thursday that utilized ballistic missiles and over <strong>280 drones<\/strong>, killing two people and damaging a maternity hospital. <strong>President Volodymyr Zelenskyy<\/strong>, currently attending the <strong>UN General Assembly<\/strong>, has called on the United States to provide more ballistic interceptors to counter the intensified Russian air campaign.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Crude oil futures pulled back as Brent dropped toward $105 per barrel following reports that the US and 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