LONDON, March 18, 2026, 13:15 GMT
Shell Plc’s London-listed shares closed at a fresh 52-week high on Tuesday, rising 1.73% to £34.74 and outpacing a 0.83% gain in the FTSE 100. The move came on lighter-than-average volume, but it still marked another new peak for the stock. 1
The move matters now because investors are rushing back into energy equities as one of the few clear winners from the latest oil shock. Energy-sector funds have drawn $2.1 billion so far in March and are on track for their biggest monthly inflow in 12 years. David Russell, global head of market strategy at TradeStation Group, said “the boom in energy stocks started as a value play and evolved into a geopolitical risk trade,” while Grant Meyer of TruMix Advisors said restarting supply was not “like flipping a light switch.” 2
Crude remains the main driver. Brent stayed above $100 a barrel for a fourth straight session on Wednesday, trading at $104.02 by 1155 GMT even as Iraq restarted some exports through Turkey’s Ceyhan port. Ole Hansen at Saxo Bank said Brent was reflecting the global shock more directly than U.S. crude, and MUFG analyst Soojin Kim said “supply relief remains limited.” 3
Shell has also kept cash returns in front of investors. The company said on Monday that shareholders who elected sterling for the fourth-quarter payout will receive 27.87 pence a share on March 30, and a Tuesday regulatory filing showed repurchases were continuing under the $3.5 billion buyback announced on Feb. 5. 4
Gas is part of the story too. Shell, the world’s biggest trader of liquefied natural gas, or LNG, said on Monday that global LNG demand could rise 54% to 68% by 2040 from 2025 levels, led by Asia, with further growth possible out to 2050. 5
The rally is not just about Shell. BP’s shares also hit a new 52-week high on Tuesday after a 2.15% gain, while the UK energy sector rose 1.82% to a record high, showing the bid for large integrated producers is broad rather than company-specific. 6
That said, Shell came into this latest oil rally with a payout story already in place. In February the group missed fourth-quarter profit expectations with adjusted earnings of $3.3 billion, but it kept its $3.5 billion quarterly buyback and raised the dividend 4% to $0.372 a share. 7
But the trade can turn fast. UK energy stocks slipped 0.6% on Wednesday as oil eased after Iraq’s export restart, and Bank of America said a quicker resolution that restores flows by April could drag Brent back toward $70. Standard Chartered, though, warned any ceasefire could still leave a “long tail” of disruption. 8
