Australian Energy Stocks Rally on Surging Oil Prices

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Australian Energy Stocks Rally on Surging Oil Prices

Deep News03-02 07:40

Following military strikes by the United States and Israel on Iran, oil prices surged, triggering a wave of buying activity in Australian energy stocks. Data from the Intercontinental Exchange showed that during the early trading session, near-month West Texas Intermediate crude futures rose by 8.4% to $72.65 per barrel. Near-month Brent crude futures increased by 8.5%, reaching $79.08 per barrel. Among the top gainers on Australia's S&P/ASX 200 index was Karoon Energy, whose shares climbed 15% to A$1.78. Karoon produces oil in Brazil and is therefore not directly affected by potential supply disruptions in the Strait of Hormuz, but it benefits from the rise in oil prices. Woodside Energy advanced 6% to A$30.02, while Santos rose 6.4% to A$7.19 in early trading.

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