LONDON, July 2, 2026, 11:01 BST
- BP (LON:BP) added 1.0% to 460.10p. The stock stays 15.6% under its June 11 close.
- Brent dropped a third day, reaching $70.91, after U.S.-Iran talks cooled supply worries.
- BP’s deputy CEO and head of trading Carol Howle is set to retire in the third quarter. Sam Skerry will step in to lead supply, trading and shipping from August.
BP PLC (LON:BP) ticked higher in London on Thursday, but the move barely dented losses for June. The stock is still acting more like an oil risk trade losing premium than a straightforward rebound.
BP shares traded 0.99% higher at 460.10p as of 11:01 a.m. London, showing a 20-minute delay. The stock opened at 453.00p and moved between 450.60p and 460.20p. Shares are still down 24.5% from the 609.40p high this year, even with a dividend yield around 5% and a market cap near 71.1 billion pounds.
| BP share tape | Price | Change from June 11 close |
|---|---|---|
| June 11 close | 545.30p | — |
| June 24 close | 480.05p | -12.0% |
| July 1 close | 455.60p | -16.4% |
| July 2 latest | 460.10p | -15.6% |
BP’s shares have dropped more sharply than Thursday’s bounce shows. The stock ended at 545.30p on June 11 and slipped to 455.60p by Wednesday, LSE data shows. Even after Thursday’s gain, BP is still trading near the bottom of its range since the reversal after the Iran war.
Oil weighed on stocks. Brent futures slipped 66 cents, or 0.92%, to $70.91 a barrel. U.S. West Texas Intermediate crude lost 59 cents, or 0.86%, to $67.99, the weakest since Feb. 27. Prices fell after U.S.-Iran talks in Doha reduced supply worries. “This additional supply is a headwind for oil for now,” UBS analyst Giovanni Staunovo said. Reuters
| Market read-through | Latest |
|---|---|
| Brent crude | $70.91, down 0.92% |
| WTI crude | $67.99, off 0.86% |
| UBS September-quarter Brent forecast | lowered by $25 to near $80 |
| UBS 2027 Brent forecast | reduced $10 to $75 |
UBS trimmed its Brent forecast for the September quarter by $25 to around $80 a barrel and dropped its 2027 average call by $10 to $75. The bank pointed to increased oil flows through the Strait of Hormuz after the latest U.S.-Iran deal. Saxo Bank’s Ole Hansen said Wednesday: “There is a chance that we could see even lower prices.” Reuters
Peer comparisons aren’t exact, but they still help. BP is now trading further away from its year high than Shell, and even further compared to TotalEnergies’ Paris shares, according to delayed broker and market data.
| Company | Latest quote | Day move | Gap to year or 52-week high |
|---|---|---|---|
| BP (LON:BP) | 460.10p | up 0.99% | off 24.5% |
| Shell (LON:SHEL) | 2,888.50p | up 0.57% | off 23.1% |
| TotalEnergies EPA:TTE | €66.17 | up 0.38% | down 18.7% |
BP’s trading arm is still in focus for shareholders. The unit pushed up first-quarter profit this year as oil price swings rose during the Iran war. BP’s customers and products segment, which covers oil trading, reported its strongest first-quarter showing since 2022.
BP is shifting its trading desk again. Carol Howle, the deputy CEO and head of trading, will retire in the third quarter. Sam Skerry, who has led M&A since 2022, will become head of supply, trading and shipping starting in August. CEO Meg O’Neill said the deputy CEO position will be scrapped. “We have significant actions underway to streamline the organizational model,” she said. Reuters
Investors are watching to see if BP can keep its cash flow steady if oil prices stay in the low $70s, instead of the higher prices seen during the war that lifted its first quarter. Net debt increased to $25.3 billion by quarter-end, up from just over $22 billion. BP put buybacks on hold in February, aiming to cut debt and push money into oil and gas projects with better returns.
