Shell Shares Rise 0.8% on Brent’s 1.6% Rally to $103.50 After Tanker Seizures
Brent crude rallied 1.6% to $103.50 per barrel after the US Navy intercepted three Iranian oil tankers in Asian waters, sending oil prices above $100. Shell shares climbed 0.8% in early FTSE 100 trading as investors responded to tightened supply concerns.
1. US Navy Seizes Iranian Oil Tankers
For the first time beyond the Strait of Hormuz, the US Navy intercepted and redirected three Iranian oil tankers near India, Malaysia and Sri Lanka, heightening concerns over global supply.
2. Brent Crude Rallies Above $100
Following the tanker seizures, Brent crude prices jumped 1.6%, reaching $103.50 per barrel, marking a significant breaching of the $100 threshold that underscores tight market conditions.
3. Shell Shares Tick Up
In early FTSE 100 trading, Shell shares advanced 0.8% as investors priced in potential supply disruptions and elevated crude benchmarks, aligning with broader oil sector gains.
4. Market Implications for Oil Stocks
The surge in oil prices lifted oilers across the board, with BP also up roughly 0.8%, while broader European equities slid as energy outperformed other sectors.