Woodside Energy Group Ltd (WDS.AU) saw its stock price surge by 5.33% in Friday's trading session, reaching multi-month highs amid escalating geopolitical tensions in the Middle East. The sharp increase came as Israel reportedly carried out a strike on Iran and declared a state of emergency, sparking concerns about potential retaliation and its impact on global oil supplies.

The geopolitical unrest triggered a significant jump in crude oil prices, with West Texas Intermediate (WTI) futures climbing 5.3% to $71.64 per barrel and Brent crude futures rising 4.9% to $72.76 per barrel. As one of Australia's largest oil and natural gas producers, Woodside Energy stands to benefit from higher oil prices, which typically boost the company's profitability and market valuation.

While Woodside Energy and its peer Santos Ltd. (up 4.8%) enjoyed substantial gains, the broader Australian market showed signs of risk aversion. The S&P/ASX 200 index dipped 0.2% as investors rotated out of equities into safer assets, highlighting the mixed impact of geopolitical tensions on different sectors of the market. As the situation in the Middle East continues to develop, investors will be closely monitoring its effects on global energy markets and the performance of key players like Woodside Energy.