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.
The STOXX Europe 600 Oil & Gas index rose around 2%, led by increases for BP (LON:BP), Shell (LON:RDSa), Siemens Energy and TotalEnergies (LON:TTEF) among others.
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.
In addition, shares of Shell, TotalEnergies, and Subsea 7 notched all-time highs on Friday. The overall index has gained nearly 10% so far this year.
Charles Hall, head of research at brokerage Peel Hunt (LON:PEEL), 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."
Oil prices have been supported near a six-month high this week as heightened tensions in the Middle East raise the risk of supply disruptions from the oil-producing region.
Polish refiner Orlen was Friday's biggest loser on the index, with shares down about 0.6% on reports that Poland's special services are investigating if an Orlen subsidiary breached sanctions on the import of oil from Russia or Iran.
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