London, Feb 24, 2026, 08:18 GMT — Trading during the regular session.
- BP edged up 0.4% shortly after the open in London, with crude getting a lift from U.S.-Iran tensions.
- Europe’s oil and gas stocks surged to an all-time high Monday, with Brent crude climbing to levels not seen in six months.
- Traders keep an eye on Geneva’s nuclear talks set for Thursday, while BP’s results are up next on April 28.
BP BP.L added 0.42% to 476.10 pence in the first stretch of London trading Tuesday, with shares moving in a narrow band from 475.60 to 478.00 pence. Monday’s close came in at 474.10 pence.
Oil pushed higher, energy stocks staying in the spotlight. Brent traded up 0.7% at $71.97 a barrel as of 0658 GMT. U.S. crude also climbed 0.7%, reaching $66.76. One analyst summed it up: “geopolitics is clearly doing most of the heavy lifting for oil prices.” Reuters
Stocks in Europe’s oil and gas sector just notched a record on Monday, propelled by a straightforward setup: crude’s up, energy shares follow. Brent hit $72.44 a barrel, marking a six-month peak. That’s nearly a 19% jump for 2026 so far, with recent firming in oil prices underpinning the move.
BP shares in London gained 1.39% Monday, closing at 474.10 pence. That puts the stock a little more than 2% shy of the 52-week high, per MarketWatch data.
Part of the shift looks mechanical: BP, a major player in UK indices, often shadows oil prices when macro headlines dominate. Early trading Tuesday points to buyers stepping in, though enthusiasm seems limited so far.
BP’s $750 million buyback pause and the roughly $4 billion charge tied to renewables and biogas assets earlier this month still hang over investor sentiment, with many picking apart how the company juggles debt reduction and returns. “I really don’t like taking impairments,” finance chief Kate Thomson told Reuters at the time. Reuters
The oil “risk premium” isn’t a one-way street. On Tuesday, Reuters flagged doomsday fears over the Strait of Hormuz, that vital chokepoint carrying close to a fifth of the world’s oil. And yet, the piece pointed out that a sustained, total shutdown looks improbable. Reuters
Crude prices are quick to lose altitude on diplomatic signals, and energy stocks tend to move in lockstep. On the demand side, higher tariffs and softer growth outlooks can put a lid on oil, even if supply conditions remain tangled.
Traders are watching Thursday’s U.S.-Iran talks in Geneva, after Oman’s foreign minister described the meeting as arranged “with a positive push” to wrap up a deal. Reuters
BP’s earnings are coming up April 28, and investors are set to zero in on cash flow, debt levels, and any fresh word about buybacks.
