After the news the UK government has stopped defending environmental challenges against Shell’s Jackdaw untapped gas site in Scotland, the energy giant is one of the 100 most valuable companies suffering share price falls on the London Stock Exchange.

It’s down 0.46%, one of the biggest drops in the FTSE 100 index. 

We’re yet to see the market impact on the other fossil fuel producer affected by the government decision, the Norwegian state-owned Equinor. 

It’s listed on the New York Stock Exchange, which is not yet open for trading. It’s the company developing the UK’s largest untapped oil and gas field. 

The dollar has strengthened slightly against sterling, with £1 equal to $1.3192, lower than the recent two-year high of $1.32. The pound has increased in value against the euro and is now at a month high, with a pound buying €1.1895.

Oil has remained below $80 with a barrel of the benchmark Brent crude oil priced at $78.36.