British oil companies with interests in the Falkland Islands suffered a blow on Tuesday when a U.N. commission said that the waters around the South Atlantic archipelago belong to Argentina. It is the latest flare up in the long-running diplomatic row over the sovereignty of the Falkland Islands that has engulfed oil and gas exploration companies, including U.K.-listed Premier Oil PMO -8.28 % PLC and Rockhopper Exploration RKH -8.77 % PLC, which are seeking to develop oil fields they discovered in disputed waters off the coast of the Falklands. Shares in the two companies fell more than 7% in London trade after the United Nations said on its website that its Commission on the Limits of the Continental Shelf had adopted Argentina’s recommendations. The statement didn’t give details on Argentina’s recommendations and added that […]