Renowned television host Jim Cramer is cheering a potential mega merger between energy giants Shell PLC (NYSE: SHEL) and BP PLC (NYSE: BP), seeing it as a catalyst for a broader surge in deal-making activity.
Tech stocks climbed to new highs early Wednesday, with the Nasdaq 100 briefly touching 22,329 points after the opening bell, surpassing its previous peak from February 19.
According a report by The Wall Street Journal, discussions between Shell and BP are progressing slowly and remain preliminary, with no guarantee of a deal.
Shell is in early talks to acquire its rival BP, sending BP shares soaring. The landmark deal could combine two energy supermajors, but faces significant regulatory hurdles globally.
While crude oil transport has not been affected directly, concerns remain that Iran could move to block the Strait of Hormuz, a crucial passage for oil tankers.
