Shares in BP rose by 7% on Monday, and were on track for the biggest daily gain in two years, as investors anticipated that activist shareholder Elliott Management will press for board changes and strategy shifts to boost returns.

BP shares surged on Monday, rising nearly 7% in early trading, after reports emerged that activist hedge fund Elliott Investment Management had acquired a stake in the British oil giant. The size of Elliott’s holding has not been disclosed,

BP's U.S.-listed shares are rising 6% Monday following reports that activist hedge fund Elliott Investment Management has amassed a stake in the British oil giant and is seeking to make changes.