European oil and gas stocks fall sharply after Middle East ceasefire deal

Var Energi ASA

08/04/2026 08:22

Adds share moves

** Shares in European oil and gas firms fall sharply after the U.S. and Iran agreed on a two-week ceasefire, sending oil prices down around 15%

** Brent futures LCOc1 fell 13.3% to $94.76 a barrel at 0330 GMT, while WTI CLc1 slid 15.2% to $95.79 a barrel

** "Given our expectation for a rapid oil price moderation, we expect the highest beta names and the companies with the most oil leverage will be under the most pressure," analysts at Scotiabank say

** Shares in Maurel & Prom MAUP.PA fall 18.7% and could see their worst day since September 1996

** Shell SHEL.L falls 7.2% after it trimmed the Q1 outlook for its integrated gas production

** Total Energies TTEF.PA, Galp GALP.LS, Orlen PKN.WA and Eni ENI.MI fall 6-7%

** Repsol REP.MC and BP BP.L slide about 8.3%

** Norway's Equinor EQNR.OL, Var Energi VAR.OL and Aker BP AKRBP.OL fall 10-12% after their recent outperformance

** Var Energi shares are set for their worst day ever if the losses hold

(Reporting by Javi West Larrañaga and Vera Dvorakova)

((javier.west@thomsonreuters.com; +34 918 35 61 12vera.dvorakova@thomsonreuters.com))