Shell’s stock value reached an all-time high due to a surge in oil prices following the conflict between Israel and Hamas.
Today, the energy behemoth saw a 1% increase, pushing its stock value to 2,752p per share, giving the company a valuation of £183 billion.
Since the Opec+ group’s commitment on October 4th to maintain global oil supply cuts, Shell’s valuation has risen by 10%. Moreover, there’s been a 6.5% rise in its share price since Hamas initiated its attacks on Israel on October 7th, posing a risk to oil supply stability in the Middle East.
Brent crude’s price has escalated over 7% since the onset of the hostilities, now exceeding $90 per barrel.
Oil prices spiked by over 5% last Friday as market participants reflected on the Israel situation and began accounting for possible disruptions to global oil supply stemming from the conflict, noted Ricardo Evangelista, a senior analyst at ActivTrades.
Evangelista further commented, “The prevailing concern is the potential escalation of the conflict, which might impact major oil producers in the vicinity and its subsequent implications on worldwide crude supply. Given these factors, we expect to see sustained volatility in oil prices.”
