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European oil cos drop on Middle East de-escalation hopes

ReutersApr 1, 2026 7:41 AM

Shares in major European oil companies slide after oil prices tumbled more than 3% on Wednesday as hopes for a de-escalation in the Middle East grow

U.S. President Donald Trump's comments that the month-long conflict in the Middle East could come to an imminent end, even without a deal, helped broader market sentiment but sent oil prices down

The front-month Brent contract for June LCOc1 fell 3.2% to $100.64 per barrel at 0641 GMT, while U.S. West Texas Intermediate (WTI) crude futures for May CLc1 slipped 3.3% to $98.04 per barrel

Shares in Repsol REP.MC, Maurel & Prom MAUP.PA and Aker BP AKRBP.OL, fall 5.2% to 5.7%, while Equinor EQNR.OL drops 7%

Orlen PKN.WA, TotalEnergies TTEF.PA and OMV OMVV.VI fall 1.5%, 2.4% and 2.7%, respectively

Eni ENI.MI and Galp GALP.LS slide about 3% to 4%

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