Oil stocks soar as Israel attacks Iran, spurring crude prices
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The news: Shares in Australia's top oil producers surged after Israel launched a series of attacks on Iran on Friday morning, sending global crude prices soaring.
The numbers: Woodside Energy was up 6.8%, and Santos up 4%, at 1:15pm AEST. Their smaller peers Karoon Energy (9.4%), Beach Energy (3.2%) and Ampol (2.2%) also saw gains.
The rally helped the energy sector add 4.6% as the ASX 200 index lowered 0.2%.
Global crude benchmark Brent rose 10.1% to USD76.38 ($117.87), while US West Texas Intermediate climbed 11.2% to USD75.68.
The context: In a major escalation of tensions in the Middle East, Israel said it has launched strikes on "dozens" of military and nuclear targets in Iran.
The strikes came in the middle of talks between the Trump administration and Tehran over a nuclear deal, which Israel has long opposed.
Israel's Prime Minister said the operation "will continue for as many days as it takes to remove this threat".
The source: Bloomberg
