Oil majors rise as crude prices rally on Middle East tensions
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The news: Energy stocks climbed on the ASX after oil rebounded from a near 8% slide last week.
The numbers: Beach Energy (3.2%), Santos (1.5%), Woodside Energy (1.1%) and Karoon Energy (0.9%) were trading higher by 2:50pm AEDT, while Ampol lost 0.4%.
Energy, up 1.21%, was the second best performing sector, as the wider market grew 0.7%.
Global benchmark Brent crude rose 0.41% to USD73.36 ($109.22) a barrel, while US West Texas Intermediate gained 0.49% to USD69.56.
The context: Oil prices rebounded as Israeli Prime Minister Benjamin Netanyahu meets with top aides to discuss the country's next attack on Iran, Bloomberg reported.
On Sunday Israel began a new military assault on Hezbollah strongholds in Lebanon, after a Hezbollah drone exploded next to Netanyahu’s private home.
Shares in energy companies tumbled last week after the Organization of Petroleum Exporting Countries (OPEC) trimmed its global oil demand growth forecast, dragging down benchmark prices.
The source: Bloomberg
