Shell stock slides as Brent slips under $74, buyback remains on hold after ARC decision
Shell Plc shares slipped about 1.7% to 2,953 pence on Wednesday. Crude prices dropped again, with Brent trading near a four-month low as more tankers passed through the Strait of Hormuz and chances for higher Iranian exports increased. Brent crude dropped $3.32, or 4.3%, to $73.76 a barrel by 1327 GMT. Futures hit $73.60, the weakest since February 27, just before U.S.-Israeli attacks on Iran. Selling picked up after Washington gave a 60-day waiver for Iranian oil sales and new shipping paths through Hormuz. Tim Waterer of KCM Trade said Iranian exports could ramp up in “weeks rather than months.” Siebert Financial’s Mark Malek argued traders are “assigning too much confidence” to a lasting agreement.