Schlumberger (SLB) Drops 5.89% on Israel-Iran Ceasefire

Schlumberger Limited (NYSE:SLB) is one of the These 10 Stocks Took A Shocking Fall.

Schlumberger dropped for a third consecutive day on Monday, losing 5.89 percent to close at $33.73 apiece following stabilizing oil prices, thanks to the ceasefire between Israel and Iran.

In a social media post on Monday, President Donald Trump announced that the two Middle Eastern countries have agreed to pause strikes, adding that he hoped it would become permanent.

The news immediately dampened sentiment for oil and drilling stocks, having benefited from the conflict over the past few weeks through skyrocketing oil prices and ramped up drilling demand.

Schlumberger Limited (NYSE:SLB) declined alongside its energy peers, with the oil and gas equipment and services sector alone dropping 4.51 percent.

In other news, Schlumberger Limited (NYSE:SLB) announced a strategic collaboration agreement with Cactus Drilling for the expansion of automated and autonomous drilling solutions.

The collaboration aims to deliver optimized performance through enhanced operational efficiency and consistency in execution by scaling advanced digital solutions.

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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.