Asia energy stocks slip as oil clocks protracted losses

Asian energy stocks declined on Tuesday as oil prices continued a trend of losses, with investors increasingly looking to potential diplomatic progress in the U.S.-Iran dispute and a rebound in regional supplies. Brent crude futures for November slipped as much as 4% on Monday to dip below $100 per barrel, while U.S. crude dropped nearly 5% in a four-day decline.

As prices dipped further, Brent crude last rose by about 0.8% to $101.06 per barrel by 01:51 GMT. The persisting decline in oil prices put pressure on energy shares, although higher Asian equities were buoyed by a rally in technology stocks. The S&P/ASX 200 Energy sub-index in Australia plunged 1.2%, while Woodside Energy (ASX:WDS) and Santos (ASX:STO) each fell 1.8% and 1.3%, respectively.

Among Chinese oil giants, PetroChina (SS:601857), Sinopec Shanghai Petrochemical (SS:600688), and CNOOC (SS:600938) all saw declines between 0.8% and 1.8%. South Korea's S-Oil Corp (KS:010950) dropped nearly 3%, and GS Holdings (KS:078930) fell 4%.