European Oil Stocks Rise Amid Middle East Supply Concerns

European oil companies saw stock increases on March 9 due to supply concerns triggered by production cuts from key Middle Eastern oil-producing countries. According to Jin10, British Shell and BP experienced stock price rises of 1.9% and 0.7%, respectively. Portugal's Galp increased by 1.6%, while Finland's Neste saw a 0.4% uptick. Analysts from Société Générale noted in a report that uncertainty surrounding the duration of disruptions in the Hormuz Strait has intensified high oil price levels. Iran's appointment of Mojtaba Khamenei as the country's new Supreme Leader indicates a continuation and strengthening of the Islamic Revolutionary Guard Corps, rather than a move towards compromise.