London, Feb 23, 2026, 09:06 GMT — Regular session
- BP shares up about 0.3% in early London trade, holding near recent highs
- Oil down around 1% as U.S.-Iran nuclear talks near and tariffs unsettle markets
- Next focus: tariff mechanics this week, Geneva talks, and BP’s April 28 results
BP (BP.L) shares edged higher in early London trade on Monday, up 0.3% at 469.0 pence by 0857 GMT, in a narrow range after last week’s volatility. The stock traded between 467.2 and 471.55 pence, and is due to pay its next quarterly dividend on March 27, Davy data showed. (Davy Group)
Oil prices slid about 1% as the United States and Iran prepared for a third round of nuclear talks in Geneva on Thursday and traders weighed fresh U.S. tariff moves. Brent futures fell 87 cents to $70.89 a barrel by 0722 GMT; IG Markets analyst Tony Sycamore said tariff headlines had sparked “risk aversion flows”, while Vanda Insights founder Vandana Hari put the Iran standoff premium at “at least $10 a barrel”. (Reuters)
For BP, a softer crude tape lands at an awkward moment. The company suspended share buybacks this month to steer more cash to cutting net debt, after taking about $4 billion in charges on renewables and biogas assets at its latest results. (Reuters)
The stock ended Friday at 467.6 pence, down 2.38% on the day, and is about 3% below the 484.1 pence high it touched last week, according to Investing.com data. (Investing)
Broader risk appetite was shaky after the U.S. Supreme Court struck down President Donald Trump’s emergency tariff programme and he then lifted a new global rate to 15%, leaving investors unclear on timing and exemptions. S&P 500 futures were down 0.8% and FTSE futures fell 0.2% in Asia, Reuters reported. (Reuters)
In a smaller company-linked move, BP-backed renewables developer Lightsource bp said Australia’s Aula Energy had agreed to buy a 1-gigawatt portfolio of operating solar farms, with a pipeline of up to 800 megawatts of associated battery projects. Asia-Pacific COO Adam Pegg said Lightsource bp was “now focused on developing hybrid renewable projects” that pair generation and storage. (PV Magazine Australia)
But the oil backdrop could still turn against the sector quickly if diplomacy bites. Goldman Sachs kept its call for a 2026 surplus of 2.3 million barrels per day and warned Brent and WTI could face downside if sanctions relief for Iran or Russia unlocks extra supply. (Reuters)
BP’s earnings tend to move with crude, but not in a straight line: weaker oil prices squeeze upstream profits while easing costs for refiners and fuel buyers, and can reshuffle trading gains and losses. That cross-current is what keeps the stock jumpy on days like this.
Next up for markets is Tuesday’s expected halt to tariff collections under the struck-down U.S. programme and Thursday’s Geneva talks, which could reset the geopolitical premium in oil. BP’s next scheduled results are its first-quarter update on April 28, the London South East financial diary shows. (Lse)
