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Oil companies benefit from higher oil prices, Middle East tension

  • Fresh Middle Eastern tensions and higher oil prices benefit Shell and BP on Monday
  • Both companies trading 1.4% higher so far today
  • Vodafone (-4.0%) is, however, dragging FTSE 100 down

The renewed tensions in the Middle East combined with higher oil prices have boosted the stocks of major UK oil companies Shell (AMD: RDSA) and BP (LON: BP).

At press time both shares were trading nearly 1.4% higher for the day. This increase, however, failed to benefit the FTSE 100, which remained virtually unchanged at 7 202.05.

One of the shares dragging the index down was Vodafone (LON: VOD). The mobile phone network is so far 4% down after a report that it might be set to slash its dividend payout.