TotalEnergies Shares Jump 2% as Brent Crude Nears $117 on Middle East Risk
TotalEnergies shares climbed roughly 2% as Brent crude spiked over 3% to around $117 per barrel following Houthi rebels’ entry into the Iran conflict. Escalating Gulf strikes and Red Sea shipping chokepoint risks drove gains in Europe’s energy sector.
1. Oil Price Surge
Brent North Sea crude jumped more than 3% to almost $117 per barrel on heightened Middle East tensions and the entry of Houthi rebels into the Iran conflict, marking the largest intraday gain since the conflict began.
2. TotalEnergies Stock Reaction
Shares of TotalEnergies rose about 2% in European trading, outpacing broader indices as investors anticipated stronger cash flows from higher benchmark prices.
3. Geopolitical Escalation
Recent strikes by Houthi rebels, including cruise missiles and drones at Gulf facilities, plus US troop deployment speculation, intensified concern over wider regional conflict.
4. Shipping and Supply Risks
Saudi Arabia’s rerouting of exports away from the Strait of Hormuz and potential Red Sea shipping restrictions have raised fears of crude supply bottlenecks, boosting energy stock valuations.