Oil company shares soar to all-time highs as Middle East war turbocharges price per barrel
Shares in big oil companies have soared to all-time highs since the war in Iran began and sparked historic price rises on global oil and gas markets.The combined market value of the six stock market-listed western “super majors” has soared by more than $130bn in the two weeks since the first US-Israeli attacks on Iran.The energy supply shock caused by the conflict has resulted in record stock market valuations for London-listed Shell, Europe’s largest oil company, as well as US oil companies ExxonMobil and Chevron.The market shock is expected to deliver multibillion-dollar windfalls for the industry, even as sites in the Middle East are hit by the conflict.US oil companies can expect a $63.
4bn boost, according to consultancy Rystad Energy.Separately, analysts at Goldman Sachs have predicted a combined £5bn windfall for BP and Shell.Shell was valued at an all-time high of £190bn on the London Stock Exchange on Friday, up by about 12% since 27 February.The sharp rise in prices has been enough to offset the impact of a production shutdown at Qatar’s main liquified natural gas facility, which forced Shell to declare force majeure on deliveries from the site to its customers.Shares in Exxon and Chevron climbed by more than 5% and 7%, respectively, in the fortnight since the Iran war began.
Exxon’s market value climbed to $630bn while Chevron’s valuation climbed to almost $390bn.British oil company BP, French oil company TotalEnergies and ENI, which is partly owned by the Italian government, also recorded substantial share price rises over the last fortnight but have so far remained below their previous all-time highs.BP’s shares climbed by more than 12% since the end of February to reach a market valuation of £82bn, while Total has recorded gains of about 10% to €176bn (£151bn).ENI has climbed by about 13% to €67bnOne of the biggest financial beneficiaries of the global energy market surge is Norway’s state-owned oil company, Equinor, which lists a third of shares.It is Europe’s largest gas supplier and has no production assets in the Middle East.
Its Oslo-listed shares have climbed by more than 20% in a fortnight, although the market value of $90bn remains slightly lower than the all-time highs reached during the gas crisis after Russia invaded Ukraine.The international oil benchmark price climbed to highs of $117 a barrel early in the week and was just above $103 a barrel at the end of UK trading on Friday.Global green group 350.org called on governments to introduce windfall taxes on the world’s biggest oil companies because “working people shouldn’t be paying the price while oil majors treat the war in the Middle East like a winning lottery ticket”.Clémence Dubois, the group’s global campaigns manager, said: “The right response is a strong windfall tax, which should be redirected to support households and accelerate the transition to clean energy that reduces our dependence on the very fuels driving climate disruption and global instability.
”Dubois warned governments against opting for fuel duty cuts.She said: “Cutting fossil fuel taxes during a crisis is not a relief for families, it’s a subsidy for companies that are already enjoying windfall profits.”
Fake rooms, props and a script to lure victims: inside an abandoned Cambodia scam centre
It is as if you have walked into a branch of one of Vietnam’s banks. A row of customer service desks, divided by plastic screens, with landline phones, promotional leaflets and staff business cards. A seated waiting area and a private meeting room. All of it features the OCB bank’s logo, or its trademark green colour.This is not a genuine bank branch, however
Apple cuts China App Store commission fees after government pressure
Apple announced late on Thursday it would lower the commission fees collected in its App Store in mainland China. The move follows pressure from regulators in the tech company’s second-largest market, as well as global scrutiny of its payment requirements.Fees for in-app purchases and paid transactions will be lowered to 25% from 30% starting on Sunday, Apple said in a statement on its blog for developers.“Apple is making changes to the App Store in China following discussions with the Chinese regulator,” the company’s announcement reads. “As of March 15, 2026, changes will be made to the commission rates that apply to the China mainland storefront of the App Store on iOS and iPadOS
Anthropic-Pentagon battle shows how big tech has reversed course on AI and war
The standoff between Anthropic and the Pentagon has forced the tech industry to once again grapple with the question of how its products are used for war – and what lines it will not cross. Amid Silicon Valley’s rightward shift under Donald Trump and the signing of lucrative defense contracts, big tech’s answer is looking very different than it did even less than a decade ago.Anthropic’s feud with the Trump administration escalated three days ago as the AI firm sued the Department of Defense, claiming that the government’s decision to blacklist it from government work violated its first amendment rights. The company and the Pentagon have been locked in a months-long standoff, with Anthropic attempting to prohibit its AI model from being used for domestic mass surveillance or fully autonomous lethal weapons.Anthropic has argued that giving in to the DoD’s demands to permit “any lawful use” of its technology would violate its founding safety principles and open up its technology for potential abuse, staking an ethical boundary that others in the industry must decide whether they want to cross
AI toys for young children must be more tightly regulated, say researchers
It was all going well. Charlotte, five, was chatting with an AI soft toy called Gabbo at a London play centre about her family, her drawing of a heart to represent them and what makes her happy. She even offered a couple of kisses to the £80 toy with a face like a computer screen.It was when she declared: “Gabbo, I love you”, that the fluent conversation came to an abrupt halt.“As a friendly reminder, please ensure interactions adhere to the guidelines provided,” said Gabbo, awkwardly crashing into its guardrails
‘IG is a drug’: jury to deliberate as US trial over social media addiction wraps up
The first-ever jury trial over the potential harms of social media wrapped up on Thursday. Lawyers for Meta and YouTube have argued their platforms are safe for the vast majority of young people, while lawyers for a young woman at the center of the case say the tech companies have designed their products to be addictive, leading to mental health issues in children and teens.“How did they become such behemoths?” Mark Lanier, a lawyer for the plaintiffs, said during closing arguments in Los Angeles superior court on Thursday, according to NBC. “It’s the attention economy. They’re making money off capturing your attention
Google’s former Europe boss close to becoming next head of BBC, sources say
Google’s former Europe boss is closing in on becoming the BBC’s next director general, the Guardian has been told.Sources said that Matt Brittin, 57, was very advanced in the appointment process. Some insiders believe that, barring a last-minute development, he will succeed Tim Davie as the broadcaster’s next director general.Brittin, a member of the British Olympic rowing team in 1988, led Google in Europe, the Middle East and Africa for a decade until stepping down last year to take what he described as a “mini gap year”. He is also a non-executive director of Guardian Media Group
Row over tuition fees cut for European students threatens Starmer’s EU reset
UK needs nuclear deterrent independent from US, Ed Davey to say
Reform UK government would replace top civil servants with those ‘more likely to implement party’s priorities’
Phil Woolas, former Labour minister, dies of brain cancer aged 66
‘We are a completely different political party’: inside the Greens’ membership boom
Wealthy British nationals fleeing Gulf conflict bypass UK to avoid tax bills