Middle East Tensions Drive Oil Price Surge

Ongoing hostilities in the Middle East have led to an increase in oil prices, reaching two-month highs and causing fluctuations in share prices for various companies.

The price of oil has risen by 7% as a result of these renewed tensions. In response, local players saw a slight boost in their share prices. Santos, an oil and gas giant valued at $26.66 billion, experienced a minor increase in its shares, rising by 0.49%.

However, not all companies benefited from the surge in oil prices. Beach Energy, worth $1.96 billion, saw its share price decline by 1.15%. Meanwhile, hydrogen energy business H3 Energy suffered significantly, with its shares falling by 16.67%, making it the week's biggest Loser.

In other developments, Vintage Energy experienced a remarkable turnaround, with its shares doubling to $0.0002 following the death of its founder, Nick Smart. Tech company Prophecy International also saw its share price rise significantly, increasing by 41.51% during the trading week.