ASX 200 energy shares rebound after US-Iran peace deal falls apart
ASX 200 energy shares led the market with a 3.88% gain after the US-Iran interim peace deal fell apart last week.
The US hit Iran following its attacks on vessels in the key global oil and gas shipping channel, the Strait of Hormuz.
Iran launched retaliatory strikes on US bases across the region.
The new strikes created uncertainty in global markets, with the S&P/ASX 200 Index (ASX: XJO) falling 0.43% to 8,806 points last week.
Energy shares followed oil and gas prices higher.
The Brent crude oil price increased 5.7% over the week to US$76.01 per barrel on Friday.
The US West Texas Intermediate (WTI) oil price lifted 4.6% to US$71.89 per barrel.
US heating oil rose 8.3% over the week.
UK gas prices rose 13%, German gas lifted 11.8%, and European gas increased 8.7%.
On Friday, Trading Economics analysts said:
Shipping traffic through Hormuz slowed sharply this week, with markets closely monitoring whether transit activity will normalize.
The strategic waterway continues to be a key sticking point in ongoing US-Iran negotiations.
Five of the 11 market sectors finished the week in the red.
Let's review.
Energy shares rise as US-Iran attacks resume
The Woodside Energy Group Ltd (ASX: WDS) share price rose 4.23% over the week to $29.05 on Friday.
The Santos Ltd (ASX: STO) share price lifted 7.32% to $7.62.
The Ampol Ltd (ASX: ALD) share price rose 4.13% to $35.28.
The Viva Energy Group Ltd (ASX: VEA) share price ascended 5.14% to $2.25 at Friday's close.
The Karoon Energy Ltd (ASX: KAR) share price finished 1.07% higher at $1.42.
Beach Energy Ltd (ASX: BPT) shares lifted 4.17% to 88 cents apiece.
The ASX 200's largest uranium share, Paladin Energy Ltd (ASX: PDN), rose 0.8% to $10.06 on Friday.
The Boss Energy Ltd (ASX: BOE) share price rose 6.3% to $1.35.
The Deep Yellow Ltd (ASX: DYL) share price fell 2.36% to $1.45.
The market's largest ASX 200 coal share, Yancoal Australia Ltd (ASX: YAL) fell 2.16% to $5.44.
The Whitehaven Ltd (ASX: WHC) share price lost 2.24% to finish the week at $7.42.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Energy (ASX: XEJ) | 3.88% |
| Financials (ASX: XFJ) | 1.97% |
| Information Technology (ASX: XIJ) | 1.34% |
| Consumer Discretionary (ASX: XDJ) | 0.95% |
| Consumer Staples (ASX: XSJ) | 0.87% |
| Utilities (ASX: XUJ) | 0.8% |
| Communication (ASX: XTJ) | (0.31%) |
| Healthcare (ASX: XHJ) | (0.79%) |
| A-REIT (ASX: XPJ) | (1.17%) |
| Industrials (ASX: XNJ) | (1.41%) |
| Materials (ASX: XMJ) | (4.41%) |
The post ASX 200 energy shares rebound after US-Iran peace deal falls apart appeared first on The Motley Fool Australia.
Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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