Patterson-UTI (PTEN), NESR Shares Fall as Oil Drops on Iran Deal Hopes, Strong Jobs Data

Patterson-UTI Energy (PTEN) and National Energy Services Reunited (NESR) shares declined on June 6, 2026, after West Texas Intermediate crude fell 1.76% to $91.40 a barrel. The drop came as President Trump said US-Iran talks were progressing and raised the possibility of easing Strait of Hormuz disruptions, prompting investors to unwind the supply-risk premium in energy stocks. A stronger-than-expected jobs report added pressure by signaling potentially higher interest rates, which increase capital costs for debt-heavy exploration and production companies. Oilfield services firms like PTEN and NESR rely on upstream drilling budgets that get slashed quickly when oil prices fall. Patterson-UTI shares are highly volatile, with 28 moves over 5% in the past year; the stock is up 79.1% year-to-date but trades 9.8% below its May 2026 high of $12.85.