Energy stocks rally after overnight hike in oil prices
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The news: ASX-listed energy stocks gained after an overnight rally in oil prices amid ongoing geopolitical tensions involving major oil producing countries Russia and Iran.
The numbers: Energy was the exhcange's best performing sector at 12:25pm (AEST), up 1.8%. Twelve of the industry's 13 biggest companies by market cap were all trading higher, including Woodside (+2.2%), Santos (+0.9%), Yancoal (+1.1%) and Ampol (+0.1%).
Brent Crude and US WTI oil futures were down 0.2%, slightly eating into its Tuesday rally when prices rose 1.5% and 1.4%, respectively.
The context: The oil price rally came after Russia and Ukraine failed to agree to a ceasefire and as negotiations between the US and Iran on the latter’s nuclear program hit another impasse. Wildfires in Canada’s oil producing Alberta region have also affected supply.
