BP And Shell Shares Step On The Gas: What's Fueling The Move?

BP PLC BP and Shell PLC SHEL, are trading higher Tuesday amid continued strength in oil prices in the wake of Russia's invasion of Ukraine. 

The United States and its European allies have been discussing banning Russian oil imports over the last week, which has fueled the rise in oil stocks. President Joe Biden on Tuesday announced the U.S. will be targeting the "main artery of Russia's economy" by banning all imports of Russian oil and energy.

Related Link: US Bans Russian Oil Imports In Response To Ukraine Invasion: What You Need To Know

Oil climbed to 13-year highs this week. WTI crude continues to trade higher Tuesday, hovering around the $125 level at publication time, while Brent crude, the international benchmark, is trading just below $130. 

Shell on Tuesday said it plans to withdraw all involvement in Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas.

See Also: Shell Intends To Halt Operations In Russia, Apologizes For Russian Oil Purchase

BP, SHEL Price Action: At time of publication, BP was up 4.81% at $29.87 and Shell was up 3.56% at $53.38.

Photo: Mike Mozart from Flickr.