Russian oil company shares surge amid Iran war

Shares in Russian oil companies such as Gazprom, Lukoil and Rosneft began to rise sharply after the start of trading on 2 March.

Source: Smartlab

Details: Shares in Gazprom Neft rose by 5.2%, Lukoil by 5.3% and Rosneft by 8.64%.

Other Russian shares rose as follows: Novatek – 6.02%, Bashneft – 5.23%, Surgutneftegaz – 4.54%, Russneft – 8.73% and Tatneft – 5.66%.

This is due to the rise in oil prices caused by the war in the Middle East.

Background:

• Israel and the US struck Iran and Lebanon's Hezbollah on the morning of 28 February.
• Iran then attacked Bahrain and the United Arab Emirates and blocked the Strait of Hormuz, the main conduit of Middle Eastern oil supplies.
• As a result, the price of Brent crude jumped by 13% to above US$82 per barrel and oil markets are now bracing for prolonged volatility and persistent disruptions in the operation of the Strait of Hormuz.

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