By Christian Moess LaursenShares in oil-and-gas giants Shell and BP rise, outperforming the FTSE 100 index, on the back of increased oil prices amid mounting Middle East tensions. At 0955 GMT, shares in Shell are up 16.00 pence, or 0.6%, at 2,609.00 pence, while BP shares are up 5.25 pence, or 1.1%, at 477.20 pence. In the last 12 months, shares in Shell have increased 14%, while BP's have risen 2.4%. The London-listed energy majors have gained from oil prices climbing on concerns over further military confrontations in the Middle East and disruptions to global supply following explosions at a ceremony in Iran, killing nearly 100 people. The shutdown of Libya's largest oil field due to local protest is likewise fuelling the concerns over tight supply.

Source: Wall Street Journal January 04, 2024 16:29 UTC