The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.
Global oil major BP was among the top gainers, climbing more than 3% after Reuters reported that UAE’s state-owned oil company recently considered buying BP but that the deliberations did not progress beyond preliminary discussions. Charles Hall, head of research at brokerage Peel Hunt, attributed the gains to greater turbulence in the global economy. “Compared to two months ago, you’ve got oil prices higher and you’ve got a whole load of macro things, and you’ve got the potential of a black swan event.”
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