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Oil Surge Fuels Shell Stock to 3-Year High
2 Mar
Summary
- Shell shares surged 5.2%, the largest gain in three years.
- Global equities opened the week lower due to geopolitical strikes.
- IAG shares experienced their steepest fall since November 2021.
Shell shares experienced a notable surge of 5.2%, reaching their highest point in three years. This significant rise coincided with a substantial increase in oil prices, the largest in four years, attributed to the effective closure of the Strait of Hormuz following US and Israeli strikes against Iran.
Global equities began the week with a cautious sentiment, reflecting a 'risk-off' approach. This was a direct response to the recent US and Israeli military actions targeting Iran. Defence contractor BAE Systems notably led its sector, with its shares jumping as much as 5.7%.
In contrast, IAG shares faced a sharp downturn, falling by as much as 13%. This represented the steepest decline for the company's stock since November 2021. The drop was attributed to the extended travel chaos affecting the Middle East and other regions amid the escalating conflict.
