SHEL is trading at $81.69 (-3.0%) as broader market risk-off sentiment and a legal setback outweigh the impact of surging oil prices following the closure of the Strait of Hormuz.
- Iran closed the Strait on March 2, blocking 20% of global oil supply and trapping 170 vessels; despite crude prices rising ~$5, SHEL fell alongside major indices as investors fled risk assets.
- A New York judge rejected the company's arbitration challenge against Venture Global, concluding a long-standing legal dispute over LNG shipments from the Calcasieu Pass facility.