LONDON, March 17, 2026, 13:42 GMT
Shell shares tacked on roughly 1% in European trading Tuesday, extending Monday’s climb to 3,415 pence. Crude prices stayed north of $100 a barrel, with fresh attacks on the United Arab Emirates stirring up new supply concerns.
Investors are tuning in again to Shell’s cash-return play just as first-quarter earnings land on May 7. Back in February, Shell laid out a $3.5 billion share buyback plan alongside its results. On Monday, the board released the sterling and euro figures for the fourth-quarter dividend, which remains at $0.372 a share.
The FTSE 100 pushed 0.6% higher in London by late morning, with the energy index notching a fresh record after climbing 1.1%. BP and Shell both advanced more than 1%, signaling that demand stretched across the oil majors, not just one name.
Brent hovered at $102.78 per barrel, with U.S. crude at $96.01. “The risks remain stark,” said IG market analyst Tony Sycamore. Priyanka Sachdeva at Phillip Nova noted traders are zeroed in on the conflict’s duration and the potential fallout for Gulf infrastructure. Reuters
Shell handed investors a concrete update: On Monday, the company projected that global demand for liquefied natural gas—LNG, that’s gas cooled into a liquid for easier shipping—could jump between 54% and 68% by 2040 compared to 2025 figures. Asia is set to drive 70% of that pickup. Shell also wants to grow its own LNG sales by 4% to 5% each year.
Shell hasn’t stopped its buybacks. According to a London Stock Exchange filing, the company snapped up shares for cancellation on March 16.
But here’s the wrinkle. Company filings suggest Shell drew around 11% of its 2025 oil and gas production from the Middle East. That’s half BP’s share—about 22%—and far below TotalEnergies’ 34%. Shell is also exposed through LNG stakes in Qatar and Oman.
If the oil shock eases, that trade’s vulnerable. Bank of America suggested Brent could slide back toward $70 if the Strait of Hormuz reopens quickly. Standard Chartered, on the other hand, expects the disruption to drag on longer, putting 7.4 million to 8.2 million barrels a day offline in the region. Shell’s annual report last week showed 2025 profit down more than 20%, landing near $18.5 billion, though buybacks and dividends stayed unchanged.
