Shares of Santos (ASX:STO) and Woodside Energy Group (ASX:WDS) each rose almost 6% in early trading on Monday, with Woodside shares reaching a one-year peak, as oil surged in the wake of conflict in the Middle East and after eight Organization of the Petroleum Exporting Countries plus (OPEC+) countries agreed to resume oil production increases.

Brent crude oil surged 13% to $82 per barrel at market open. Beach Energy's (ASX:BPT) shares jumped past 8%.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman decided to resume the unwinding of the 1.7 million barrels per day of additional voluntary adjustments and agreed on a production adjustment of 206,000 barrels per day, to be implemented in April.

Oil shipments through the Strait of Hormuz were disrupted after a US-led strike on Iran.