Oil Price Surge Lifts Energy Sector with Strong Gains Across Key ASX Stocks

2 min read | April 17, 2025 04:56 PM AEST | By Team Kalkine Media

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Oil Price Surge Lifts Energy Sector with Strong Gains Across Key ASX Stocks — Image source: Shutterstock

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Highlights

Energy sector leads ASX performance amid rising oil prices

Karoon Energy and Ampol among top gainers

Woodside inks LNG supply deal with Uniper

The Australian energy sector saw robust momentum in afternoon trade, emerging as the top-performing segment on the ASX. This rally was driven by a notable rise in global oil prices, following renewed geopolitical tensions and potential supply disruptions in the market.

By 3:05pm AEST, the energy sector surged 3.94%, far outpacing the broader ASX 200, which edged up 0.59%. The jump was supported by a wave of investor optimism in oil-linked equities as crude prices climbed on concerns over tightening global supply.

Among the standout performers, Karoon Energy (ASX:KAR) led the charge with a 7.23% rise. Ampol (ASX:ALD) followed closely, gaining 6.73%, while Beach Energy (ASX:BPT) added 4.2%. Viva Energy (ASX:VEA) rose 4.43%, and Woodside (ASX:WDS) climbed 3.73% during the same period.

The upward movement in oil prices was influenced by the US administration's latest sanctions targeting Iran's oil exports. In a statement on Wednesday, US Treasury Secretary Scott Bessent confirmed the government’s commitment to applying "maximum pressure" on Iran’s oil supply chain. This includes action against a second Chinese refinery, reportedly involved in handling over US$1 billion (A$1.58 billion) worth of Iranian crude.

Brent crude futures increased by 1.08% to US$66.56 a barrel, while US West Texas Intermediate (WTI) crude gained 1.34% to reach US$63.31 a barrel. The price rally was further fueled by short covering activity and a softer US dollar, which tends to make crude oil more affordable for buyers using other currencies.

Adding to the sector's momentum, Woodside (ASX:WDS) announced a significant development — the signing of a liquefied natural gas (LNG) supply agreement with Germany's Uniper. This deal positions the company to strengthen its presence in the European energy market and underscores the growing demand for LNG as an alternative energy source amid shifting global dynamics.

With oil markets remaining sensitive to geopolitical shifts and currency fluctuations, the energy sector continues to attract attention as a key area of movement on the ASX. The strong performance of energy stocks underlines the impact of global commodity trends on domestic equities, particularly in an environment shaped by complex international developments.

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