London, March 2, 2026, 11:32 (GMT) — Regular session.
Shell plc climbed roughly 3% in London Monday, tracking a surge in oil prices as traders grew anxious about possible disruptions near Iran and the Strait of Hormuz. The stock was up 98.5 pence at 3,172 pence, having traded even higher earlier. “Scenes in the Middle East have caused widespread nervousness across financial markets,” said Dan Coatsworth, head of markets at AJ Bell. The Standard
These days, oil sets the tone for just about everything else—a steady climb translates into pricier fuel, stirs up inflation concerns, and muddies the outlook for rate cuts, though it does mean more money rolling in for names like Shell. “The dollar’s correlation to risk is back,” said Jordan Rochester, head of fixed income and currency strategy EMEA at Mizuho, as investors shifted into the greenback. Reuters
European equities dropped, with capital shifting into energy, defence, and shipping stocks—and flowing out of banks and airlines—as traders treated the news as a risk event, not just a fleeting headline. Shell, BP, and TotalEnergies climbed 2% to 4%, pushing the region’s energy sector gauge to an all-time high, Reuters said.
Brent crude futures surged up to 13%, reaching $82.37 a barrel, then pulled back to around $78.87, still up about 8% at 0919 GMT, according to Reuters. U.S. West Texas Intermediate hit $75.33 early, then hovered near $72.17, almost 8% higher. “The latest move reflects uncertainty around the scale and duration of the current conflict,” said James Hosie at Shore Capital. Reuters
OPEC+ — that’s the Organization of the Petroleum Exporting Countries with Russia and other partners — said Sunday it would ramp up output by 206,000 barrels per day starting in April, but markets barely flinched. Reuters points out the bigger issue now is just how long shipping through the Hormuz strait will be limited, with owners and insurers stepping back. Hormuz also handles Qatar’s LNG exports, which make up roughly 20% of global supply, a detail that’s only added to Europe’s nerves over energy prices.
European gas prices surged up to 28% Monday morning, marking their sharpest rise since August 2023. Citing safety concerns, Maersk announced it would stop sending ships through both the Strait of Hormuz and the Suez Canal, according to the Guardian.
Shell grabbed some attention for a different reason: Nigeria carved up the OPL 245 oil block, splitting it into four separate assets to be managed by Eni and Shell, according to a Reuters source. Final contracts are expected to roll out starting Monday. Both Shell and Eni had no comment, Reuters reported.
Equity traders see the play: as crude and gas prices surge, integrated majors like Shell often get picked up as an initial hedge. The reasoning? These stocks can offset, at least for a while, the hit that pricier energy inflicts on the broader economy.
This trade can turn quickly. Should shipping pick back up, or if the conflict remains limited, that oil risk premium tends to disappear—and the sector’s outperformance usually fades with it.
Shell has its LNG Outlook and a “LNG Portfolio: Strategic Spotlight” set for March 16, while first-quarter results and dividends will come out May 7, the company’s quarterly press release shows.
Shell’s board has set an interim dividend at $0.372 per ordinary share for the fourth quarter of 2025. Investors eyeing the payout need to make their currency choice by 11:00 a.m. GMT on March 6. Pound and euro equivalents are due March 16, with payment to follow on March 30.
