03:42 PM EDT, 08/03/2026 (MT Newswires) -- Energy stocks declined late Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling 1.6%.

The Philadelphia Oil Service Sector Index was down 1.5%, and the Dow Jones US Utilities Index was easing 0.2%.

Crude oil prices fell after US President Donald Trump said talks with Iran were set to begin Monday after he called off a planned military strike against the Gulf nation. Over the weekend, Trump said negotiations with Iran would begin Monday, without revealing the venue or participants, news outlets reported. In a social media post, Trump said he had called off a planned attack against Iran after being asked by Tehran and other Middle Eastern countries because the "perimeters of a deal has been agreed to."

Front-month West Texas Intermediate crude oil fell 5.1% to $80.34 a barrel, and the global benchmark Brent crude contract dropped 4.5% to $83.98 a barrel. Henry Hub natural gas futures rose 1% to $2.77 per 1 million BTU.

In corporate news, Shell (SHEL) said Monday it has agreed to sell its European onshore renewables portfolio to TotalEnergies (TTE). Shell was down 0.8%, and TotalEnergies eased 0.5%.

Chevron ( CVX ) said it will expand its North American base oils distribution network through new agreements with HF Sinclair Lubricants & Specialties and Renkert Oil, starting May 1, 2027. Chevron ( CVX ) shares were shedding 1.9%.

President Donald Trump said Exxon Mobil (XOM) and Chevron ( CVX ) are making "too much money" and that "they better cut the retail price," Bloomberg reported Monday, citing comments made by him at the White House. Exxon shares were down 0.5%.

BP (BP) has completed the sale of its Gelsenkirchen refinery and related businesses in Germany to Klesch, the company said. BP shares were falling 2.3%.