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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 2.7%, led by increases for BP, Repsol, Shell, Aker BP and Equinor among others.

“It’s still all about the rise in oil prices,” said Andreas Bruckner, European equity strategist at BofA Global Research.

Oil prices rose 2% on Friday as tensions in the Middle East raised the risk of supply disruptions from the oil-producing region.

Energy was the second best-performing sector in the pan-European STOXX 600 index on the day and has risen 10% so far this year, compared with gains of around 5.6% for the main index year-to-date.

“Energy’s outperformance over the past three months is well explained by the rise in the oil price seen over the same period,” Bruckner said.

Global oil major BP was among the top gainers, climbing more than 3.8% on Friday 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.

Charles Hall, head of research at brokerage Peel Hunt, 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.”

Polish refiner Orlen was Friday’s biggest loser on the index, with shares down more than 1% 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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