TotalEnergies Shares Drop Nearly 3% as Brent Crude Plummets by 5%
The French oil major falls mid-morning, bucking the trend of a slightly rising CAC 40. The decline follows a sharp drop in oil prices as talks between Washington and Tehran make progress. The stock falls below its short-term moving averages.
Crude Oil Decline Drags TotalEnergies to the Bottom of the CAC 40
TotalEnergies stock loses 3.08% to €75.81 mid-morning, among the steepest declines in the CAC 40 while the Paris index gains 0.42%. The major suffers in the wake of Brent, which falls 5.08% in the session to $94.52 a barrel, down 14.6% since May 18. This easing of crude comes as the U.S. administration mentions progress in talks to extend the ceasefire and gradually reopen the Strait of Hormuz, reducing the geopolitical risk premium. Shell also loses 2.72% at the same time, indicating a sector-wide movement. The decline erases part of the weekly performance, with the stock now down nearly 5% over seven days, while still holding a gain of 12.23% over three months and 46.41% over one year.
Below the MM20 and MM50, Support at €72.97 in Sight
Today's drop brings the price below its two short-term moving averages, the MM20 at €78.29 (a difference of -3.17%) and the MM50 at €77.50 (-2.18%), while the MM200 at €61.78 remains well below, maintaining a cushion of more than 22%. The RSI at 52 remains neutral despite the decline, indicating that today's drop does not yet reflect a seller exhaustion. The next level to watch is at the identified support of €72.97, about 3.7% below the current price. On the agenda, the oil major will hold its general assembly on Friday, May 29, 2026.
