London, June 12, 2026, 09:22 (BST)
• Shell shares traded down in London Friday, tracking a big drop in crude.
• Brent slid over 2% as concerns of new U.S.-Iran tensions eased.
• Shell disclosed in its buyback notice it bought nearly 1.9 million shares for cancellation on June 10.
Shell Plc dropped in London trade on Friday, lagging the FTSE 100 as the wider market pushed higher and energy names came under pressure after oil’s latest slide. According to delayed Hargreaves Lansdown quotes, Shell was offered at 3,192p and bid at 3,193p, off by 84p, or 2.56%. The FTSE 100 gained 1.30%. Shell closed last at 3,276p and opened at 3,203.50p, according to the same data.
Oil dropped more than 2% on Friday after U.S. President Donald Trump called off planned military action against Iran, cutting down on fears of escalation. Brent futures slipped $2.11, or 2.3%, to $88.27 a barrel by 0640 GMT. U.S. West Texas Intermediate crude shed $1.90, or 2.2%, at $85.81, Reuters reported.
Energy stocks slipped as crude prices dropped, while European stocks pushed higher. The pan-European STOXX 600 was up 1.2% at 628.81 early Friday, Reuters reported. Every sector rose except energy, with markets chasing signs of a possible Middle East diplomatic deal.
Shell said in its latest filing that it purchased 1,376,000 shares on the London Stock Exchange, 291,000 on Chi-X, and 234,813 on BATS on June 10. All the shares are for cancellation under the buyback announced May 7. The update gives investors more detail on Shell’s capital-return push.
Shell said its current buyback program is for up to $3.0 billion over about three months, with plans to cancel all repurchased shares. The buyback is set to finish before Shell’s second-quarter 2026 results, depending on market conditions and possible suspension linked to the ARC Resources shareholder circular. According to Shell, Goldman Sachs International is handling trading decisions on its own for the program through July 24.
Traders are still watching to see if oil’s drop holds. Shell CEO Wael Sawan said Wednesday it could take almost a year or more to rebalance crude as inventories are being drawn down. Sawan called the current drawdowns “borrowing from the future.” According to Reuters, Sawan also said upwards of 10% of world crude output is offline due to the Iran war, and that the market faces a 1.2 billion barrel crude shortfall. Reuters
Shell’s capital-return plans draw on a stronger start to the year. The company posted Q1 2026 adjusted earnings of $6.9 billion, operating cash flow before working capital at $17.2 billion, and saw a working-capital outflow of $11.2 billion. The board raised the dividend 5% to $0.3906 a share. CEO Sawan, in the statement, said Shell was “rebalancing our shareholder distributions” with a $3 billion buyback and the dividend hike, sticking with its 40%-50% of CFFO payout range. Investegate
Shell’s next earnings are due out July 30, when it posts Q2 results and its dividend update. Investors will be watching Q2 volume guidance, refining and trading, and what lower crude means for the buyback pace or value. In its Q1 filing, Shell said Q2 volumes would be hit by the Middle East conflict, pointing to lower integrated gas and less liquefaction.
