BP shares rose over 1.5% to approximately 498 pence on Friday. The stock tracked a rebound in Brent crude prices as they climbed back above $80 per barrel. This price action followed the cancellation of planned talks between the U.S. and Iran. The news sparked fresh concerns regarding Middle East supply stability and reversed recent sharp declines in oil prices.
The Friday gain trimmed losses from the previous session when BP shares fell 2.9%. Rival Shell also traded higher, reflecting a sector-wide reaction rather than company-specific drivers. Analysts noted that BP continues to serve as a proxy for oil supply risk premiums among traders.
Separately, BP contracted DeepOcean for decommissioning work at the Foinaven field offshore the UK. A BP-led consortium also announced plans to begin seismic surveys for gas exploration offshore Israel in September 2026.