Chevron , a global oil producer and refining company, fell approximately 1% in Monday's regular-session trading as of 12:15 p.m. ET as crude prices dropped to a three-week low. Brent crude declined approximately 5% to $83.52 per barrel, while West Texas Intermediate fell to about $79.49. The movement followed President Donald Trump's cancellation of an anticipated U.S. attack on Iran and his stated preference for negotiations.

Trump said talks with Iran were planned for the following afternoon, although the Iranian government denied that discussions had been scheduled. The prospect of diplomatic progress nevertheless reduced immediate concern about additional Gulf supply disruptions. Shipping risks remain elevated, with several Saudi tankers rerouting around southern Africa and traffic through important regional waterways continuing to face disruption. The conflicting statements leave the potential duration of Monday's oil-price decline uncertain.

Chevron reported $12 billion in adjusted second-quarter profit and produced approximately 4 million barrels of oil equivalent daily. Higher crude prices supported its upstream earnings, while constrained fuel supplies strengthened refining margins. A sustained decline in crude could reduce the revenue generated by future upstream production, although lower feedstock costs may affect refining operations differently. Investors may now evaluate whether diplomatic talks produce a durable reopening of regional shipping routes or merely create temporary relief. Oil prices, production volumes and refining margins remain the principal variables for Chevron's next results.