Energy stocks lead ASX strongest gainers after oil disruption hits Oman
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The news: Energy stocks were the strongest gainers across the ASX 200, accounting for eight of the top 10 performers in afternoon trade, after Brent crude climbed 9.07% to above USD95 a barrel on reports that Oman had evacuated vessels from its key oil terminal.
Shares in Yancoal (+9.16%), Whitehaven Coal (+5.05%), New Hope (+3.66%), Ampol (+3.16%) and Karoon Energy (+3.04%) were among the stocks that rallied as of 2:03pm AEDT.
The context: The price move followed on a report that Oman had issued an evacuation order at the Mina Al Fahal oil terminal as a precautionary measure, according to Bloomberg.
Mina Al Fahal sits outside the Strait of Hormuz and is one of the few remaining ports from which Middle Eastern crude can be shipped to global markets.
The order comes after drones strikes on fuel tanks at Oman’s Salalah Port on Wednesday. Since then, Salalah has suspended all operations at its container and cargo terminals, highlighting how the Middle Eastern crisis has deepened and has begun impacting oil shipments beyond the Hormuz Strait.
The source: Bloomberg
