European oil shares climb as Middle East tensions rise

Var Energi ASA

02/03/2026 08:31

** Shares of major European oil and gas companies soar as the conflict in the Middle East escalates

** Maurel & Prom MAUP.PA, Galp Galp.LS, Equinor EQNR.OL, Aker BP AKRBP.OL, Vaar Energi VAR.OL and Repsol REP.MC rise 7-10%, while TotalEnergies TTEF.PA, Eni ENI.MI, Orlen PKN.WA and OMV OMVV.VI are up 4.5-6%

** Crude oil, fuel and LNG shipments via the Strait of Hormuz have been affected after the U.S. and Israel attacked Iran and killed its Supreme Leader Ali Khamenei on Saturday

** Several traders and analysts say European oil and gas companies should benefit from the conflict and resulting rising oil prices

** Europe's energy index .SXEP is up 3.5% hitting new all-time highs

** Oil prices surged by as much as 13% on Monday, with Brent crude futures LCOc1 reaching the highest since January 2025

 (Reporting by Lucie Barbier and Alessandro Parodi)

 ((Email: lucie.barbier@thomsonreuters.com))