London, January 19, 2026, 08:39 GMT — Regular session
- Shell shares inched up slightly in early London trading, as investors reacted to a dip in oil prices alongside renewed risk-off sentiment.
- Crude prices fell as tensions in Iran cooled, while global markets absorbed fresh tariff warnings.
- Traders are keeping an eye on Shell’s buyback schedule and the upcoming quarterly earnings report.
Shell shares crept 0.2% higher to 2,757 pence by 0812 GMT on Monday, a modest gain that kept the stock tethered to the usual drivers: crude oil prices and investor jitters. 1
Right now, the tape shows nothing making huge moves, but everything staying tight. Oil has stalled its rally, which usually cools the momentum for the major integrated players.
A bigger question looms over energy stocks: is the market betting on steady growth, or bracing for more sudden shocks? So far in January, that outlook has overshadowed company-specific news.
Brent crude, the global oil benchmark, slipped to $63.85 a barrel at 0734 GMT, down 0.4%. U.S. WTI fell about 0.6%, as investors dialed back the risk of supply disruption following easing unrest in Iran. Tony Sycamore, an IG market analyst, said the dip reflected a rollback of the so-called “Iran premium.” Vandana Hari, founder of Vanda Insights, predicted “rangebound” trading ahead, with U.S. markets closed for Martin Luther King Jr. Day. 2
Macro headlines pushed markets lower. U.S. President Donald Trump threatened new tariffs on eight European countries, Reuters reported, with a proposed 10% hike starting Feb. 1 that would jump to 25% by June 1 if no agreement is struck. Deutsche Bank’s George Saravelos flagged the “weaponisation of capital” as potentially more destabilizing than trade flows. 3
Shell’s stock usually moves in step with oil prices—until it breaks the pattern. During quieter periods, buybacks and dividends provide support, keeping shares steady even if crude wavers.
Shell announced a $3.5 billion share buyback programme, with contracts extending through Jan. 30, 2026. The company confirmed that shares bought back will be cancelled, a common move to reduce the share count and boost earnings per share on paper. 4
The risk scenario is clear. Should oil continue to drop amid softer demand outlooks — or if tariff discussions escalate and weigh on growth projections — the stock could falter fast, buybacks notwithstanding.
Shell is set to release its fourth-quarter results and dividend on Feb. 5, based on the company’s schedule. 5
