ASX energy stocks fall as crude prices tumble
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More news: ASX oil stocks fell with crude prices this morning after Israeli strikes on Iran over the weekend missed oil production sites and lifted expectations for a de-escalation in the Middle East.
Oil and gas majors Karoon Energy (-1.6%), Beach Energy (-1.2%), Woodside Energy (-0.31%) and Santos (-0.22%) were all trading lower by 12:30pm AEDT, as Ampol added 0.5%.
Energy, down 0.79%, was the worst performing sector as the wider market edged up 0.13%.
Elsewhere in energy, Uranium producer Paladin Energy plummeted 18.89% as it cast doubt over its Fission Uranium acquisition and flagged that it experienced some operational challenges during the September quarter.
Oil prices slide as Israel airstrikes miss Iranian oil sites
The news: Oil prices slumped on Monday morning after Israel airstrikes on Iran over the weekend bypassed Tehran's oil and nuclear infrastructure.
The numbers: Brent crude was down 4.2% to USD72.45 ($109.63) a barrel by 10:15am AEDT, with US West Texas Intermediate 4.44% lower at USD68.59.
Both contracts gained 4% last week as markets priced in uncertainty around the extent of Israel's response to the Iranian missile attack on 1 October and the US election next month, Reuters said.
The context: Israeli Prime Minister Benjamin Netanyahu said on Sunday that its airstrikes "hit hard" at Iran’s air defences and missile production sites over the weekend.
Iranian officials said the country had the right to respond to the attack, which killed four soldiers and caused some damage. Iran’s Supreme Leader Ayatollah Ali Khamenei, responded by saying the attack "should neither be downplayed nor exaggerated".
The strikes hit targets in multiple provinces but avoided Iran’s oil industry and nuclear sites.
The source: Reuters
