European oil shares climbed on Tuesday, buoyed by a rise in crude prices as the conflict between Israel and Iran extended into its fifth day.
Major energy firms such as Shell (LSE:SHEL), BP (LSE:BP.), Galp Energia (EU:GALP), TotalEnergies (EU:TTE), Repsol (BIT:1REP), and Equinor (NYSE:EQNR) saw gains in their stock prices.
On the ground, Israel’s military announced multiple extensive strikes targeting missile storage facilities and launch sites in western Iran. Israel’s Air Force also claimed responsibility for the overnight killing of a high-ranking Iranian general in Tehran, although Iranian authorities have yet to confirm this.
Meanwhile, discussions are underway in Washington regarding the possibility of nuclear negotiations between the U.S. and Iran. Reports from Axios indicate that U.S. envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi could meet soon, aiming to de-escalate tensions and revive nuclear deal talks.
Though the talks are not finalized, this signals a renewed push by U.S. President Donald Trump to reduce hostilities between the two nations and refocus efforts on diplomatic solutions.
Media reports suggest Iran is willing to enter negotiations if Israel halts its bombing campaign.
Trump has maintained a firm stance on Iran, urging all personnel to evacuate Tehran immediately and criticizing Iran’s rejection of a prior nuclear agreement. The president has consistently opposed Iran’s uranium enrichment efforts, despite Tehran’s claims that it does not seek nuclear weapons.
Oil prices have seen significant fluctuations recently as markets weigh the potential disruption to Middle Eastern oil routes caused by the escalating conflict. On Tuesday, crude prices edged higher amid these geopolitical concerns.
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