Commodities
Beach Energy Shares Surge Amid Ongoing Strait of Hormuz Supply Fears
Shares in Beach Energy Ltd rose by 5.46% to $0.87 on Tuesday, as the company's stock tracked a broader rally across ASX-listed oil and gas producers.
The surge came amid ongoing uncertainty over shipping traffic through the Strait of Hormuz, a critical Middle East oil transit corridor, where tensions between the US and Iran have escalated this year.
Global crude prices continued to climb, with Brent futures rising more than 1% on concerns that a resolution to the standoff around the Strait of Hormuz remained elusive.
The strait is responsible for approximately one-quarter of the world's seaborne crude oil and nearly one-fifth of global liquefied natural gas shipments.