Energy Stocks Jump as Middle East Conflict Pushes Oil Prices Higher
By Adam Whittaker
European energy stocks jumped in early trade Monday as the conflict in the Middle East pushed oil prices higher.
Traders are assessing the level of disruption to oil production in the region and the flow of liquids through the Strait of Hormuz. Every day around 20% of the world's oil supply passes through the critical oil chokepoint.
Brent crude climbed 8.6% to $79.06 a barrel, while the U.S. gauge West Texas Intermediate rose 6.7% to $71.02 a barrel.
In mid-morning trade in London, Shell rose 3.3% while BP was up 2.6%. France's TotalEnergies traded 4.4% higher and Spain's Repsol ticked up 3.7%. Italy's Eni was up 2.3%.
Prior to the conflict, oil majors had been hit by weaker prices as global economic growth slowed and supply remained plentiful. However, the conflict could push prices higher for a prolonged period. Analysts at Wood Mackenzie said Sunday that oil could potentially exceed $100 a barrel if tanker flows aren't quickly restored.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
March 02, 2026 04:57 ET (09:57 GMT)
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