Oil shares rise as crude prices surge; Eni also boosted by agreement with BMW
Traffic through the Strait of Hormuz has, in fact, come to a virtual standstill, whilst Tehran and Washington are vying for control of the area
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(Il Sole 24 Ore Radiocor) - The latest surge in crude oil prices, fuelled by the escalation of tit-for-tat attacks between the United States and Iran in the Middle East, is bolstering oil sector shares. Traffic through the Strait of Hormuz has, in fact, ground to a virtual standstill, whilst Tehran and Washington vie for control of the area. On the Milan Stock Exchange, Eni stands out on the Milan Stock Exchange, having gained around two points. Also on the rise are Saipem and Tenaris are also up. The positive trend is affecting the entire European sector: TotalEnergies is up 2.1 per cent, Repsol 1 per cent, Shell 1.5 per cent and BP 2.9 per cent, the latter having updated its second-quarter forecasts.
In addition to the rise in crude oil prices (with WTI up 3.4 per cent to over $80 a barrel and Brent up 3.6 per cent to $86.95), Eni is also benefiting from the agreement signed with BMW to supply the automotive group’s corporate fleets in Italia with Hvolution (Hydrotreated Vegetable Oil), the diesel biofuel produced by Enilive entirely from renewable raw materials. Under the agreement, the German car manufacturer’s corporate fleets will use pure HVO whilst travelling in Italia, Germany and Austria, where around 1,700 Enilive service stations supply Hvolution.
“This new agreement follows the letter of intent signed in June 2025 between Eni and BMW Italia to promote more sustainable mobility,” noted analysts at Intermonte, who welcomed the announcement. However, they continue to take a cautious approach to Eni shares, confirming their “Neutral” recommendation and a target price of 22 euros per share.
As for BP, which stands out with a rise of just under 3 per cent, the company has provided a second-quarter update on its trading estimates, highlighting that realised prices will lead to profits of between $1.8bn and $2.1bn in the oil production and operations segment and between $500m and $700m in the gas and low-carbon energy segment. At this stage, analysts expect that the consensus on full-year earnings will be revised upwards, with a double-digit increase.
