More than £4 billion was added to the value of the FTSE 100 thanks to a spate of merger and acquisition activity in the oil sector, which provided a boost to UK majors Shell PLC (LSE:SHEL, NYSE:SHEL) and PLC (LSE:BP.).
Earlier, the Financial Times reported that ConocoPhillips is in advanced talks to buy Marathon Oil in a potential all-stock deal worth around $15 billion.
This came hard on the heels of Hess shareholders giving the green light to a $53 billion merger with Chevron.
In late morning trading, Shell was up 1.8%, adding around £3 billion to its valuation, while BP was up 1.4%, providing a £1 billion boost to its market capitalisation.
According to a recent report by Reuters, The Abu Dhabi National Oil Company explored a bid for BP and went so far as seeking advice from investment banks.
Shell, with a market capitalisation north of £180 billion, is seen by analysts as a potential predator rather than prey.