Energy majors rise as oil prices pare weekly losses
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The news: Energy was the only sector in the green during afternoon trading on the ASX, as oil prices extended gains on Friday.
Oil prices were boosted by reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days.
The numbers: The energy sector was up 0.44% by 2pm AEDT, as the wider market fell 0.92%.
ASX 200 oil stocks Ampol (1.3%), Woodside Energy (0.7%), Beach Energy (0.6%) and Santos (0.3%) were all trading higher. Karoon Energy fell 1.1%.
Global benchmarks Brent crude (1.68%) and US West Texas Intermediate (1.79%) climbed after closing higher in the previous session.
The rise will soften a weekly loss of over 1% after oil prices tanked on Monday as Israel airstrikes on Iran bypassed Tehran's oil and nuclear infrastructure.
The context: Oil prices were boosted after Israeli intelligence suggested Iran is preparing to attack Israel from Iraqi territory in the coming days, Axios reported on Thursday, citing two unidentified Israeli sources.
Oil prices were also supported by expectations that OPEC+ could delay December's planned increase to oil production by a month or more, Reuters reported, citing concerns about soft oil demand and rising supply.
