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.
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. Reuters
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. Reuters
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.
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.
