The new UK government under Keir Starmer has indeed scrapped the 2030 ban on new petrol and diesel cars, pushing it to 2035. This policy U-turn signals that the UK anticipates a much longer-than-expected reliance on oil and gas. The demand for hydrocarbons isn't falling off a cliff in 2030. This provides a more stable, long-term outlook for oil and gas producers like Ping Petroleum.
Geopolitical tensions (Middle East, Russia-Ukraine) continue to put a floor under oil prices (Brent Crude).
DNeX isn't just oil. Positive sentiment in the global tech and semiconductor cycle could also be lifting the entire stock.