London, Jan 10, 2026, 08:25 GMT — Market closed
BP PLC BP.L shares rose 2.39% to close at 426 pence on Friday, ending the week on a firmer note. The stock is still about 10.6% below its 52-week high and trading volume was below its 50-day average.
Oil did most of the work. Brent settled up 2.18% at $63.34 a barrel on Friday and U.S. WTI crude ended at $59.12 as traders weighed supply risks tied to Iran and the Russia-Ukraine war. “The uprising in Iran is keeping the market on edge,” said Phil Flynn, senior analyst with the Price Futures Group. “Iran protests seem to be gathering momentum, leading the market to worry about disruptions,” Ole Hansen, head of commodity analysis at Saxo Bank, said. Reuters
BP said on Friday it bought 3,138,787 ordinary shares as part of the buyback programme it announced on Nov. 4. A buyback is when a company repurchases its own shares, cutting the share count and potentially lifting earnings per share over time.
A separate major-holdings disclosure dated Jan. 8 showed Norges Bank cut its voting rights in BP to 2.999% from 3.996%. Voting rights are the stake counted for shareholder votes, and shifts of that size can still jolt short-term trading even without a public explanation.
Energy shares were among the biggest boosts to London’s blue-chip index into the close. BP and Shell SHEL.L were both up about 2.2% in the session, while the FTSE 100 finished at a record high close.
The buyback price range puts a near-term band around the low-420s pence back on traders’ screens when London reopens on Monday, Jan. 12. Above that, the November high near 476 pence sits as the obvious reference point.
Macro data lands quickly after the weekend. U.S. CPI for December is due on Tuesday, Jan. 13, while the UK’s next CPI release is scheduled for Jan. 21, according to official calendars.
BP’s next earnings report is expected on Feb. 10, according to Zacks. Investors will be listening for any shift in the message on cash returns, especially the buyback pace.
But the set-up cuts both ways. If crude gives back its gains — or the market starts leaning harder on oversupply worries — BP’s shares can lose traction quickly, buyback or not.
