# Oil giant Shell suffered a 7.1 per cent slump, trading at 3,311.4 pence.

*business · news · 2026-04-08 · City A.M.*

## Key points

- Shell's Ras Laffan LNG complex in Qatar suffered extensive damage and will take a year to repair.
- Shell cut its integrated gas production outlook due to strikes on its Qatar site and regional attacks.
- The Strait of Hormuz reopened temporarily under Iranian military control for two weeks after a ceasefire.
- Brent crude oil prices dropped 13.5% and FTSE 100 oil stocks plunged after the ceasefire announcement.
- Shell's refining margins are expected to rise to $17 per barrel, up from $14 last quarter.

**Companies:** Shell, BP, Harbour Energy, Ithaca Energy, Energean, Diversified Energy Company
**Countries:** United States, Iran, Qatar, Iraq, Oman, United Arab Emirates

[Read the full story on City A.M.](https://www.cityam.com/shell-and-bp-plummet-after-trump-declares-ceasefire-with-iran/)

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