Oil and gas is back in fashion — at least on the stock market. Soaring fossil fuel prices, pushed higher by Russia’s invasion of Ukraine, have helped the shares of the world’s biggest energy majors outperform every other sector since the start of the year.
After a bruising coronavirus pandemic, when oil demand collapsed and BP’s shares fell to a 27-year low, the so-called supermajors have come roaring back in 2022.
Shares in UK-listed Shell, Europe’s biggest oil company, are up 47 per cent since January, while BP’s have climbed 37 per cent. By contrast, the FTSE 100 is up less than 2 per cent, while the S&P 500 is down 14 per cent.
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