What Happened?
A number of stocks jumped in the afternoon session after President Trump declared the Iran ceasefire "over" and threatened fresh strikes, sending oil prices sharply higher and lifting the broad energy complex.
Oilfield services firms (the companies that supply rigs, fracking crews, drilling fluids, and completion equipment) are a bet on their customers' willingness to spend. When crude jumps, exploration and production companies see fatter cash flows and stronger incentives to drill, which historically flows through to higher rig counts, more completion work, and firmer service pricing.
That demand read-through is why services names often move more than the oil price itself. The leverage cuts both ways, which is the key caveat: the session's gain rests on a geopolitical supply-risk premium rather than a durable increase in drilling budgets, so if tensions ease and crude retreats, the same names that rallied could give back the move just as quickly.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Oilfield Services company ProFrac (NASDAQ: ACDC) jumped 8.4%. Is now the time to buy ProFrac? Access our full analysis report here, it’s free.
- Oilfield Services company Patterson-UTI (NASDAQ: PTEN) jumped 6.2%. Is now the time to buy Patterson-UTI? Access our full analysis report here, it’s free.
- Oilfield Services company Baker Hughes (NASDAQ: BKR) jumped 4.5%. Is now the time to buy Baker Hughes? Access our full analysis report here, it’s free.
Zooming In On ProFrac (ACDC)
ProFrac’s shares are extremely volatile and have had 60 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 14 days ago when the stock dropped 10.5% on the news that crude oil dropped to its lowest level since the start of the Iran war, as tankers resumed transit through the Strait of Hormuz and the U.S. and Iran signaled progress toward ending the conflict.
The S&P 500 energy index fell about 2.45%, the weakest major sector even as the broader market held roughly flat. Exxon Mobil (XOM) and Chevron (CVX) each fell in the ~2–2.5% range (exact figures vary by source). The more oil-price-sensitive explorers and producers were hit harder as Occidental (OXY), ConocoPhillips (COP), Devon (DVN) and APA Corp all fell roughly 2.5–3.5%. Oilfield-services names (Halliburton, SLB) and refiners (Valero, Phillips 66, Marathon Petroleum) slipped about 1.5–2.5%. WTI fell about 4% to near $70 and Brent about 4% to near $74,the lowest since February 27, the day before U.S.–Israeli strikes on Iran, leaving crude down roughly 40% from its wartime peak.
The driver was physical and visible: tankers openly crossing Hormuz with transponders on, the IMO citing safety guarantees, and the IEA estimating the UAE exporting near 85% of pre-war levels. Separately, Trump ordered a DOJ probe into why pump prices "haven't fallen faster," accusing oil companies of gouging.
ProFrac is up 25.9% since the beginning of the year, but at $5.09 per share, it is still trading 37.9% below its 52-week high of $8.19 from July 2025. Investors who bought $1,000 worth of ProFrac’s shares at the IPO in May 2022 would now be looking at an investment worth $280.78.
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