The rising oil prices as a result of the war between Israel and Hamas are boosting the energy company’s coffers and sending the share price soaring, Bloomberg News reports.

Oil giant Shell hit a record-high price on the London Stock Exchange Monday morning. The share increased by 1.3%, growing to GBP 25.57. Thus, the share has almost tripled since bottoming out during the Covid pandemic.

Since then, a number of different CEOs have tried to get the share price back on track. Most recently, current CEO Wael Sawan has tried to win the favor of investors.

Among other things, this is done by moving more investment money back into oil and gas, hopefully resulting in higher returns.

The oil price has risen steadily in recent days as the war between Hamas and Israel has developed.

A barrel of the European reference oil, Brent, cost USD 84.37 the day before Hamas’ attack on Israel. A barrel of Brent oil is trading at USD 90.45 on Monday.

Similarly, a barrel of US WTI oil has risen to USD 87.38 from USD 82.81 just over a week ago.

(Translated by DeepL with additional editing by Christian Radich Hoffman)