Oil Price Crash: 1 Top Oil Stock to Buy Now

Oil has dropped to $71 per barrel on potential U.S.-Iran peace deal developments, down sharply from $138 in late February. The decline has pushed SLB 23% below recent highs, creating what The Motley Fool identifies as a buying opportunity in the oilfield services provider.

SLB management is projecting resilience despite the crude selloff. The company cites persistent supply-demand imbalances that should keep commodity prices elevated and points to a pipeline exceeding $100 billion in final investment decisions (FID) for deepwater projects as a revenue driver. The deepwater FID backlog represents committed spending by oil producers that typically translates into multi-year services contracts for SLB.

The $67 price drop in crude since February represents a 49% decline, but SLB's management outlook suggests the company expects oil market fundamentals to tighten regardless of short-term geopolitical headlines. Deepwater developments carry long lead times and require sustained services work, insulating oilfield contractors from spot price volatility to some degree.