Energy supply shock from US-Israeli attack on Iran fuels record valuations for Shell, ExxonMobil and Chevron

• Beyond the strait: why attacks on Kargh Island could keep oil prices high

Shares in big oil companies have soared to all-time highs since the war in Iran began and sparked historic price rises on global oil and gas markets.

The combined market value of the six stock market-listed western “super majors” has soared by more than $130bn in the two weeks since the first US-Israeli attacks on Iran.

Der Liter Sprit kostet jetzt mehr als zwei Euro. An den Tankstellen rücken die Autofahrer schon mit Kanistern an – und fragen sich: Warum steigen die Preise in Deutschland so viel stärker als anderswo?

Wael Sawan weighs up production project as company boosts dividends despite 22% drop in full-year earnings

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Shell is considering fossil fuel investments in Venezuela worth billions of dollars, according to its chief executive.

Wael Sawan said Europe’s largest oil company is weighing plans for production projects off the Venezuelan coast that could begin yielding gas in the next couple of years. “These are opportunities that could potentially be activated within months,” he told CNBC, adding that the company was now awaiting approvals.