London, Jan 23, 2026, 09:26 (GMT) — Regular session.
- BP shares edged up in early London trading, buoyed by gains in the oil market.
- The company revealed it conducted another day of share buybacks as part of its ongoing repurchase program.
- Traders are eyeing new business-activity surveys alongside BP’s upcoming earnings release for clues on the market’s next move.
BP PLC shares climbed 1.6% to 443.9 pence by 0910 GMT on Friday, regaining ground as oil prices stabilized following a turbulent week. The stock started the day at 439.8 pence, fluctuating between 438.8 and 444.7 pence, with roughly 2.1 million shares traded in early sessions.
The move is significant since BP often acts as a liquid stand-in for the oil price, which has been volatile amid geopolitical and supply news. In London, BP carries substantial weight in the FTSE 100, so even small shifts can ripple through the index.
Investors are grappling with the push and pull between shareholder payouts and the core earnings outlook. While buybacks may soften declines, they can’t prevent stocks from sliding alongside crude when the market shifts.
Oil prices rebounded on Friday following a roughly 2% drop the previous day, as traders adjusted the risk premium linked to U.S. politics and the Middle East. Brent crude futures climbed 29 cents, or 0.5%, to $64.35 a barrel, while U.S. West Texas Intermediate rose 29 cents, or 0.7%, to $59.65 by 0751 GMT. Ole Hansen, chief commodity analyst at Saxo Bank, described the move as a “deflation of risk premium.” IG analyst Tony Sycamore added that crude should stay near $60 a barrel as tensions ease. Reuters
BP on Thursday repurchased 3,031,206 shares under the buyback plan announced on Nov. 4, at a volume-weighted average price near 439.6 pence. The company paid between 435.10 pence and 449.00 pence per share across different venues. Morgan Stanley handled the purchases, which will be moved into treasury.
Shell’s shares climbed 0.8% to 2,696.5 pence, tracking the broader rally in oil-related stocks after crude prices bounced back.
European shares drifted down, heading for a weekly drop as jitters lingered following the Greenland-related trade conflict. Investors also braced for purchasing managers’ index data due later today.
But the support behind BP could evaporate fast if crude prices retreat once more. Any sudden change in U.S. policy, unexpected supply disruptions, or fresh rounds of hefty inventory increases would probably drag energy stocks lower again.
BP’s next major update comes with its fourth-quarter and full-year earnings report on Feb. 10. Investors will be watching closely for new clues on cash returns and how quickly buybacks will move forward.
