Oil prices rise over 3% amid Middle East tensions, lifting Shell and BP shares.

Oil prices surged over 3% to $93.92 a barrel due to renewed tensions in the Middle East following missile and drone attacks linked to Iran and Kuwait. This uncertainty raised concerns about the security of shipping routes through the Strait of Hormuz, a vital passage for global energy flows. Shares of Shell and BP rose modestly in response. While US-Iran ceasefire talks continue, ongoing military strikes and regional conflicts keep the market cautious about a lasting resolution and potential supply disruptions ahead.