European Energy Stocks Rise as Spreading Middle East Conflict Heightens Supply Fears
Dow Jones
Yesterday
0722 GMT - European energy stocks start the week higher as oil prices climb. Houthi rebels have seized key territory around the strategic Bab al-Mandeb Strait. This means the two most important energy corridors in the Middle East-including the Strait of Hormuz on the other side of the Arabian Peninsula-are under the sway of Iran and its allies. Drone attacks on Saudi Arabia's East-West pipeline have also increased supply fears. This pushes Brent crude 2.2% higher to $106.93 a barrel while WTI futures gain 2.2% to $102.23 a barrel. In London, BP gains 1.15% and Shell rises 1%. Spain's Repsol, Italy's Eni and France's TotalEnergies rise more than 1%.
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