Energy shares led the ASX 200 market sectors with a remarkable 6.49% gain last week.
Oil and gas giant Woodside Energy Group Ltd (ASX: WDS) soared 9.9% and touched a 3-month share price high of $25.88 on Friday.
Meantime, the S&P/ASX 200 Index (ASX: XJO) rose by 0.37% to finish the week at 8,547.4 points.
The benchmark index claimed a new record high last week, reaching 8,639.1 points during intraday trading on Wednesday.
That topped the previous record of 8,615.2 points on 14 February before the US Liberation Day tariffs caused market chaos in April.
The US tariff fallout sent the ASX 200 as low as 7,169.2 points on 7 April before a rebound began due to Trump's 90-day reprieve.
ASX 200 shares are now up by an extraordinary 19.2% since that April dip.
Seven of the 11 market sectors finished in the green last week.
Let's recap.
Most of the major ASX 200 oil shares jumped in value last week.
The Karoon Energy Ltd (ASX: KAR) share price screamed 14.08% higher to close at a 52-week peak of $1.99.
The Woodside share price gained an impressive 9.9% in value to close at $25.21 on Friday.
The Santos Ltd (ASX: STO) share price rose 5.78% to $6.96.
Beach Energy Ltd (ASX: BPT) shares fell 2.26% to $1.30.
Ampol Ltd (ASX: ALD) shares rose 1.49% over the week to $25.81.
Viva Energy Group Ltd (ASX: VEA) shares lifted 4.12% to $2.02.
ASX 200 energy shares were propelled higher by rapidly rising energy commodity prices last week.
On Friday, Trading Economics analysts said oil prices were on track for their best weekly rise in more than three years.
The Brent crude oil price traded above US$76 per barrel on Friday, the highest price since February.
The US West Texas Intermediate crude oil price went to $75 per barrel, the highest level since January.
Israel's preemptive strike against Iran was a key trigger, prompting fears of disrupted global oil supplies amid a broader conflict.
Trading Economics analysts said a broader Middle East war may disrupt the Strait of Hormuz, a key route for about 20% of global oil flows.
The US also said it would evacuate some personnel in the region after Iran threatened US military bases if nuclear talks failed.
Oil prices were further boosted by falling US crude stocks, indicating higher-than-expected demand, and softer inflation data, raising the prospect of further interest rate cuts.
There was also good news on trade last week.
President Trump posted on Truth Social: "Our deal with China is done, subject to final approval with President Xi and me."
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Energy (ASX: XEJ) | 6.49% |
| Utilities (ASX: XUJ) | 4.68% |
| Consumer Staples (ASX: XSJ) | 1.37% |
| A-REIT (ASX: XPJ) | 1.12% |
| Consumer Discretionary (ASX: XDJ) | 0.69% |
| Communication (ASX: XTJ) | 0.4% |
| Financials (ASX: XFJ) | 0.04% |
| Industrials (ASX: XNJ) | (0.08%) |
| Healthcare (ASX: XHJ) | (0.4%) |
| Materials (ASX: XMJ) | (0.42%) |
| Information Technology (ASX: XIJ) | (0.44%) |
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