Shell, BP Shares Gain on Higher Oil Prices Amid Middle East Tensions
January 04 2024 - 5:37AM
Dow Jones News
By Christian Moess Laursen
Shares in oil-and-gas giants Shell and BP rise, outperforming
the FTSE 100 index, on the back of increased oil prices amid
mounting Middle East tensions.
At 0955 GMT, shares in Shell are up 16.00 pence, or 0.6%, at
2,609.00 pence, while BP shares are up 5.25 pence, or 1.1%, at
477.20 pence. In the last 12 months, shares in Shell have increased
14%, while BP's have risen 2.4%.
The London-listed energy majors have gained from oil prices
climbing on concerns over further military confrontations in the
Middle East and disruptions to global supply following explosions
at a ceremony in Iran, killing nearly 100 people. The commemoration
was held to mark the four-year death anniversary of a top Iranian
general who died in a U.S. drone strike in Iraq in January
2020.
The fatal blasts add to tensions in the region, with shipping
being disrupted in the Red Sea due to several attacks on vessels by
the Yemeni Houthi rebels, while the Israel-Gaza war continues.
"The region remains a tinder box due to the Israel-Gaza war, and
disruption to shipping routes through the Red Sea is also a key
factor behind the surge in crude," AJ Bell investment director Russ
Mould said in a market comment.
The shutdown of Libya's largest oil field due to local protest
is likewise fuelling the concerns over tight supply.
Brent is up 1.06% at $79.06, while WTI is 1.3% higher at
$73.64.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
January 04, 2024 05:22 ET (10:22 GMT)
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