Commodities
ASX Energy Shares Surge as Iran-US Conflict Escalates
Energy shares on the ASX 200 led the market with a 5.9% gain last week, as escalating tensions between the US and Iran continued to drive up oil prices.
The Brent crude oil price surged 13% to $99.80 per barrel on Friday, while the US West Texas Intermediate (WTI) oil price rose 11.5% to $91.25 per barrel.
The rise in oil prices was triggered by an attack on two Saudi oil tankers in the Red Sea, which has effectively shut down the Strait of Hormuz and led to a rerouting of Saudi crude shipments through the Suez Canal and around Africa.