LONDON, March 18, 2026, 13:15 GMT
Shell Plc’s shares in London finished Tuesday at £34.74, up 1.73% and notching another 52-week high. That beat out the FTSE 100’s 0.83% rise. Volume ran below the usual pace, but the stock still managed to push into record territory.
This shift is drawing attention as investors pile back into energy stocks, one of the few sectors solidly benefiting from the recent oil surge. In March alone, energy-sector funds have already attracted $2.1 billion, pacing toward their largest monthly haul in a dozen years. “The boom in energy stocks started as a value play and evolved into a geopolitical risk trade,” said David Russell, global head of market strategy at TradeStation Group. Grant Meyer at TruMix Advisors chimed in, pointing out that bringing supply back isn’t “like flipping a light switch.” Reuters
Crude’s still setting the tone. Brent has now cruised above $100 a barrel for the fourth consecutive session—at $104.02 as of 1155 GMT—even as exports from Iraq began trickling out of Turkey’s Ceyhan port again. Saxo Bank’s Ole Hansen noted that Brent continues to price in the global shock more directly than U.S. crude. MUFG’s Soojin Kim pointed out that “supply relief remains limited.” Reuters
Shell hasn’t let up on shareholder returns. On Monday, the company told investors that anyone opting for sterling in the fourth-quarter dividend will get 27.87 pence per share, with payment set for March 30. Repurchase activity hasn’t slowed, either—a Tuesday regulatory filing confirmed ongoing buybacks under the $3.5 billion program unveiled Feb. 5.
Gas also plays a role here. Shell — the top global LNG trader — said Monday it expects worldwide demand for liquefied natural gas to climb between 54% and 68% from 2025 to 2040, largely driven by Asia. Growth could continue through 2050, the company added.
This rally isn’t limited to Shell. BP jumped 2.15% and touched a fresh 52-week high on Tuesday, with the UK energy sector climbing 1.82% to set its own record. Investors are clearly targeting the big integrated producers, not just singling out one name.
Still, Shell had already set the stage for returning cash before oil’s most recent surge. Back in February, the company fell short on fourth-quarter profit, posting adjusted earnings of $3.3 billion. Even so, the $3.5 billion quarterly buyback stayed put, and Shell bumped its dividend up 4% to $0.372 a share.
But this trade can reverse quickly. UK energy shares dropped 0.6% on Wednesday, oil ticking lower as Iraq resumed exports. Bank of America flagged that if flows are restored by April, Brent might be dragged down toward $70. Standard Chartered, for its part, cautioned a ceasefire wouldn’t necessarily erase risk—there could be a “long tail” of disruption left behind. Reuters
