Purchases on oil stocks with oil rush. Saipem rises

(Il Sole 24 Ore Radiocor)-The new run of crude oil returns to push oil stock prices on Piazza Affari. Saipem is the pink jersey, followed by the rest of the sector (Tenaris and Eni ), while August futures on Brent and Wti surged more than 3 per cent from their lows of the past two weeks. The price rise was triggered by a new escalation in the Middle East with mutual attacks between the US and Iran, alongside the tightening of conditions for the peace agreement. Israel's advance into Lebanon in the context of the conflict with Hezbollah, supported by Tehran, further increased regional tension.

A scenario that fuels concerns about the stability of the global energy supply for which the Strait of Hormuz remains a crucial point. In particular, fears are growing over the possible presence of naval mines, which could slow down or complicate the reopening of the sea route.

Saipem also benefits from its participation in the consortium with India's Larsen & Toubro (L&T), currently listed as the leading bidder for two of the offshore packages (Packages 2A and 2B) for the development of the large Dorra gas field, in the neutral zone shared between Saudi Arabia and Kuwait. All in all, "the onshore and offshore work on the Dorra project would have a total estimated value of around USD 10 billion", point out the analysts of Banca Akros, pointing out that the operator of the field has not yet made a final decision. Moreover, 'the geopolitical context and ongoing tensions in the region introduce a high level of uncertainty about the timing and implementation of the project'. If confirmed, the contract 'would represent a major opportunity for the Epc offshore sector and the L&T-Saipem consortium'. However, 'at present, the project remains at a preliminary stage and subject to possible postponements or modifications related to both industrial factors and geopolitical dynamics in the Middle East'.