A promising future for BP's share price?
With the ongoing conflict in the Middle East showing little sign of ending anytime soon, independent analyst Alistair Strang gives an update on the chart outlook for this popular oil major.
12th March 2026 07:50
by Alistair Strang from Trends and Targets
Our favourite oil company has a share price with what looks like a promising future, probably due to the Middle East, a large dollop of irony. Deep within BP (LSE:BP.)’s DNA is its association with Iran, dating quite literally back to the first major discovery of oil within the country.
The Ayatollah revolution against the ‘Shah of Iran’ regime rather neatly brings us to this point in history, where removal of the current Iranian regime should bring a boost to BP’s profits, due to higher oil prices.
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Obviously, our 'Pound Shop' declaration of the history of BP in the area should count for nothing given the company is active in 61 countries, and the core reason for a boost in share prices remains alongside potentials of a boost in oil prices. This being the case, it appears the market anticipates chaos in the Middle East lasting for a while, current share movements looking capable of more than a quick buck!
From an immediate perspective, share price movements above just 516p should next trigger a rise toward an initial 536p with our longer-term secondary, if bettered, at a confident sounding 569p, challenging the high of 2023 and probably provoking some hesitation. This would at least provide a nice synergy with the gains experienced during the Ukraine invasion.
Alternately, the share needs below 465p to provoke trouble, calculating with the potential of reversal to an initial 447p with our secondary, if broken, at 425p and a potential bottom. For now, BP looks quite interesting.
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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