The broad assumption is that the BP (LSE: BP) share price has done well out of the tragic war in Iran. That’s true, but only up to a point.
The day before the conflict erupted, on 27 February, shares in the FTSE 100 oil and gas giant closed at just under 478p. Today, on 5 June, they trade at 546p. That’s a rise of just over 14%.
Compared to the last big energy shock, that looks surprisingly modest. Within 12 months of Russia invading Ukraine, BP shares had surged around 60% as oil and gas prices exploded. This time, even with the International Energy Agency warning of the biggest energy shock in history, the response has been relatively modest. Why hasn’t BP surged further?
