LONDON, March 13, 2026, 13:10 GMT
BP traded up on Friday, sticking close to its new 52-week high as crude prices gained ground. By midday, shares hovered at 533 pence, following Thursday’s 2.96% jump to 529.2 pence—a closing high for the past year.
This shift is notable, with Brent crude—the world’s oil benchmark—trading back north of $100 a barrel. Goldman Sachs bumped its average March Brent estimate above $100. And according to Reuters, supply risks are stacking up, as trouble in the Strait of Hormuz threatens a corridor that handles over a fifth of global oil and gas flows.
BP is feeling the effects of stronger crude prices more acutely than earlier this year. Back in February, the company stopped its quarterly share buybacks — these are repurchases of its own shares — aiming to bring down debt and direct more funds toward oil and gas projects. Finance chief Kate Thomson, for her part, made it clear she isn’t a fan of “taking impairments,” as BP pushes for tighter capital discipline. Reuters
BP and Shell managed to notch gains in London on Friday, bucking the trend as the FTSE 100 dropped 0.3%. Berenberg analyst Jonathan Stubbs flagged the risk of a “prolonged closure” at Hormuz, warning that elevated energy prices could stick around. Reuters
This explains the cautious approach from traders. March 10 saw BP down 2.1% and Shell slipping 0.8%, both reacting to an almost 11% plunge in oil as hopes rose that the Middle East conflict could cool off. Just like that, the trade flipped direction.
James West, who leads energy and power research at Melius Research, said traders are counting on a “swift end” to the Strait closure. Reuters quoted consultant David Hewitt, who pointed out that oil equities sometimes disconnect from crude when prices spike quickly. Reuters
BP pushed further into oil and gas this week, topping a U.S. Gulf of Mexico lease auction on Wednesday. The company put forward a $21 million offer for a Green Canyon block, beating out Chevron. Shell was in the mix as well.
Company-specific troubles are also in play. Senegal’s prime minister, on Thursday, called BP’s gas contract “unfair” and indicated he aims to revisit strategic resource agreements—throwing a fresh layer of political uncertainty over the group’s West African business. Reuters
BP’s annual meeting on April 23 is shaping up to be another flashpoint. This week, Follow This—the activist shareholder group—announced plans to contest BP’s move to leave its climate resolution out of the meeting notice. The group isn’t letting up on its campaign for a faster transition, despite higher crude prices giving BP’s stock a boost.
The setup isn’t one-sided. Bank of America has pushed its call for the Bank of England’s initial rate cut to June, not March, citing renewed inflation pressure from rising energy prices—a combination giving BP some lift in a sluggish market, though that edge could fade fast if oil prices retreat.
