Tullow Oil (LON:TLW) rallies after Brent jump boosts debt hopes
After London shut at 16:30 BST, Tullow Oil plc didn’t behave like most small-cap risk names. The stock moved like a leveraged Brent trade. Hargreaves Lansdown’s delayed quote had shares up 1.32 pence, or 10.58%, on volume of 16.96 million, giving a market cap near 209 million pounds. The FTSE All-Share showed a 1.63% drop on the same page. Oil drove the move, not any new headline from the company. Brent crude climbed 6.75% to $79.16 a barrel on July 8. Reuters said the rally kicked off after Iranian forces hit commercial ships near the Strait of Hormuz, the U.S. pulled a license linked to Iranian oil sales, and the U.S. then hit back at Iran.