Santos Limited (STO.AU) stock is set to surge 8.61% in pre-market trading on Thursday, following a significant rebound in global oil prices overnight. The Australian energy giant's shares are reflecting the positive sentiment in the energy sector, driven by geopolitical developments and their impact on oil markets.
The rally in oil prices comes as a direct response to U.S. President Trump's decision to lower tariffs on most countries. This move has sparked optimism in global trade relations and subsequently boosted commodity prices. According to market data, the WTI crude oil price jumped 5.1% to US$62.60 a barrel, while the Brent crude oil price climbed 4.6% to US$65.71 a barrel.
As one of Australia's leading oil and gas producers, Santos Limited stands to benefit significantly from the surge in oil prices. The company's stock movement aligns with the broader expected rally in the Australian share market, with the ASX 200 futures pointing to a substantial 6.6% gain at the open. Investors will be closely watching Santos and other energy sector stocks as they react to these positive developments in the oil market.
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