Diamond Hill Capital noted in its Q2 2026 investor letter that the share price of exploration and production company ConocoPhillips (COP) declined following an agreement between the U.S. and Iran to end the war and reopen the Strait of Hormuz. The market perceived that the risk of meaningful supply disruptions had diminished, and the war-related risk premium that had previously supported U.S. exploration and production companies dissipated accordingly.