From The Globe and Mail: 2024-04-12 07:05:42

The European energy stocks index reaches highest level since 2008 due to higher oil prices, geopolitical risks, and global economic uncertainty, attracting investors. The STOXX Europe 600 Oil & Gas index rose by 2.7%, with BP, Repsol, Shell, Aker BP, and Equinor leading the gains. Oil prices rose by 2% on Friday as tensions in the Middle East raised supply disruption risks.

Energy sector is the second best-performing in the pan-European STOXX 600 index, rising 10% this year. Energy’s outperformance is explained by the rise in oil prices, with BP gaining more than 3.8% after reports of UAE’s consideration of buying the company. Shell, TotalEnergies, and Subsea 7 shares hit all-time highs.

Charles Hall attributes gains to greater global economic turbulence. Orlen was the biggest loser on the index, with shares down over 1% after reports of investigations into sanctions breach on oil imports. Get investing insights in the Globe Investor newsletter.



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