ConocoPhillips Underperforms as US-Iran War Ends
Diamond Hill Capital's Large Cap Strategy underperformed the Russell 1000 Value Index in Q2 2026, partly due to a decline in ConocoPhillips (COP) shares. The energy company saw its stock fall after an agreement was reached between the US and Iran that ended hostilities and reopened the Strait of Hormuz. This development reduced market concerns about supply disruptions and caused oil prices—and consequently COP's share price—to drop. The firm attributed much of its underperformance to limited exposure in AI-related stocks, which outperformed other sectors during the quarter. Energy sector performance was also negatively impacted by the end of geopolitical tensions that had previously supported higher valuations for exploration companies like ConocoPhillips.
Tickers: $COP
Topics: energy market trends stock performance