Woodside Energy Group Ltd (ASX: WDS) saw its stock price surge 5.12% in early trading on Monday, as escalating geopolitical tensions in the Middle East triggered a sharp increase in global oil prices. The energy giant's shares rallied amid concerns over potential supply disruptions following Israeli strikes on Iranian energy sites.
The broader energy sector is in focus as the conflict between Israel and Iran poses significant risks to oil supply. Brent crude oil prices jumped 7% to US$74.23 a barrel, while WTI crude oil rose 7.5% to US$73.18 a barrel. This substantial increase in oil prices is likely to benefit major Australian energy companies like Woodside Energy and its peer Santos Ltd (ASX: STO).
While the ASX 200 index was expected to open lower due to the broader market concerns, energy stocks are bucking the trend. Investors are closely watching the developments in the Middle East, as any further escalation could lead to additional upward pressure on oil prices and potentially drive energy stocks even higher. However, market participants should remain cautious, as geopolitical situations can be volatile and unpredictable.
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