BP Shares Climb as Brent Holds Near $111 After Iran Hub Explosion
BP shares climbed as Brent crude held near $111 a barrel following reported explosions at Iran’s Kharg Island oil hub and retaliatory drone strikes. The stock ranked among the FTSE 100’s top 20 risers while defence and aerospace names led the index decline.
1. Geopolitical Tensions Lift Oil Prices
Brent crude continued to oscillate around $111 a barrel after reports of explosions at Iran’s Kharg Island oil terminal and retaliatory drone and missile strikes on Israel and Saudi Arabia. Traders pushed energy names higher as fears of conflict escalation threatened supply through the Strait of Hormuz.
2. BP Among FTSE 100 Top Risers
BP shares outperformed broader markets, joining Shell among fewer than 20 FTSE 100 stocks to post gains. Defensive demand for oil majors increased as defence and aerospace stocks, including Rolls-Royce and Babcock, suffered 2–3% declines.