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Shell shares hit record high amid fears for oil supplies
The Guardian
|October 17, 2023
Fears that the war between Israel and Hamas could send the price of oil soaring have pushed up shares in the energy group Shell to a record high.
Amid concerns that the planned Israeli invasion of Gaza risks escalating into a broader crisis that would affect crude supplies from the Middle East, Shell shares rose 1.5% in London trading to £27.67 during the session. They closed last night at £27.50.
In the week since the Hamas attack on Israel, Brent crude has risen by 7% to just under $90 (£73) a barrel, with Shell's share price increasing by 6.5%.
The company's commercial value has shot up by nearly 10% to £183bn since 4 October when the Opec+ cartel, led by Saudi Arabia and Russia, promised to maintain cuts to global oil supplies.
Shell has faced sustained criticism over the past 18 months after reporting bumper profits, aided by Russia's invasion of Ukraine, which caused global energy prices to soar.
This story is from the October 17, 2023 edition of The Guardian.
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