Shell PLC and BP PLC shares were among the biggest risers on the FTSE 100 on Monday as oil and gas prices spiked after the US and Israel carried out military strikes on Iran, sparking retaliatory rocket and drone attacks against other sites in the region.

Brent crude oil futures jumped almost 8.8% to $79.25 a barrel, the highest since the start of last year.

UK natural gas prices leapt 25% to 98.5p per therm, not far from spikes in January to 10-month highs.

Oil prices are now up 30% since last December and year-on-year positive for the first time since December 2024.

Shell shares rose 3.7% and BP’s…