The upside momentum in Shell’s share price was primarily driven by a broader rally across global benchmark crude prices, as geopolitical tensions and supply-side constraints reinforced a substantial risk premium in energy markets. With international benchmarks underpinned by ongoing concerns surrounding Middle East supply security and tight inventory levels reported in major global commercial crude reserves, integrated oil majors experienced strong sector-wide buying interest. Intraday price swings reflected heightened volatility across the commodity space as market participants weighed geopolitical headlines against strategic reserve actions and broader macroeconomic trends.

Underpinning this macro tailwind is Shell’s strong…