British oil majors rise as Middle East tensions escalate
** Shares of British oil majors Shell SHEL.L and BP BP.L track crude prices higher to jump 2.8% and 2.6%, respectively
** Oil prices rose due to concerns Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran's biggest ever military blow against Israel
** BP, Shell among top pct gainers in the blue-chip FTSE 100 .FTSE index
** Brent LCOc1 crude futures up 2.2% at $75.18/bbl, while U.S. West Texas Intermediate crude CLc1 gains 2.4% to $71.52/bbl, as of 0754 GMT; during trading on Tuesday, both crude benchmarks surged more than 5% O/R
** "Further escalation is more than plausible hence the odds of assaults by Iran or its proxies, akin to the September 2019 strike on Saudi oil processing facilities, which knocked out half of the country's production for a brief period, or the closure of the Strait of Hormuz are increasing," says PVM analyst Tamas Varga
** "Any of these events would irretrievably send oil prices considerably higher," Varga says
** Shares of Harbour Energy HBR.L, the largest British North Sea oil and gas producer, jump 3% to 279.50p
** Ithaca Energy ITH.L, Serica Energy SQZ.L, Tullow Oil TLW.L and EnQuest ENQ.L gain between 1.9% and 3.2%
Reporting by Arunima Kumar in Bengaluru
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