ASX 200 energy shares outperformed for a third consecutive week, rising 6.35%, as the war in Iran continued last week.
Fear and uncertainty weighed on the broader market, with the S&P/ASX 200 Index (ASX: XJO) falling 2.19% to 8,428.4 points.
Energy shares have gained 16.21% while the ASX 200 has fallen 8.37% since Israel and the US attacked Iran on 28 February (US time).
Last week, the Reserve Bank of Australia lifted interest rates for a second time this year, mainly due to inflation trending higher.
However, the war and rising petrol prices were clearly a concern for the RBA board, which said:
… the conflict in the Middle East has resulted in sharply higher fuel prices, which, if sustained, will add to inflation.
Short-term measures of inflation expectations have already risen.
As a result, the Board judged that there is a material risk that inflation will remain above target for longer than previously anticipated.
The ASX 200 was volatile all week, while Brent crude ripped to almost US$120 per barrel after Israel and Iran bombed energy assets.
Over the past 30 days, the Brent crude oil price has skyrocketed 50% while US West Texas Intermediate (WTI) has risen 42%.
On Friday, Trading Economics analysts said:
Israeli Prime Minister Benjamin Netanyahu said Israel would refrain from additional attacks on Iranian energy facilities and that the war could end sooner than expected, noting Iran’s reduced capacity to enrich uranium or produce ballistic missiles.
Despite the pullback, Brent futures remain up almost 50% since the start of the conflict, as the disruption has effectively shut the Strait of Hormuz and forced major regional producers to sharply curb output.
Seven of the 11 market sectors finished the week in the red.
Let’s review.
Energy shares rip 6% as war drags on
Several of the largest ASX 200 energy shares hit new multi-year highs last week.
The Woodside Energy Group Ltd (ASX: WDS) share price reached a two-and-a-half-year high of $34.31 on Friday.
Woodside shares rose 9.66% over the week to finish at $34.04.
The Santos Ltd (ASX: STO) share price hit a 52-week high of $8.19 on Friday.
Over the week, Santos shares lifted 5.98% to close at $7.98 apiece.
The Ampol Ltd (ASX: ALD) share price ascended to an 18-month high of $34.29 on Friday.
Ampol shares increased 7.33% over the week to close at $33.11.
The Viva Energy Group Ltd (ASX: VEA) share price rose to a 52-week high of $2.64 on Friday.
Viva Energy shares ripped 10.28% over the week to close at $2.36 apiece.
ASX 200 coal shares also rose again last week, as disrupted gas supplies forced power plants to start using coal.
The thermal coal price has risen 25% over 30 days.
The thermal coal price was US$145.20 per tonne on Friday, its highest level since November 2024.
The Yancoal Australia Ltd (ASX: YAL) share price rose 3% to end the week at $8.31, a new 52-week high.
The New Hope Corporation Ltd (ASX: NHC) share price lifted 6.73% to $5.71, after reaching a 52-week peak of $5.79 on Friday.
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) | 6.35% |
| Utilities (ASX: XUJ) | 3.25% |
| Consumer Staples (ASX: XSJ) | 2.09% |
| Communication (ASX: XTJ) | 0.23% |
| Financials (ASX: XFJ) | (0.5%) |
| A-REIT (ASX: XPJ) | (1.51%) |
| Healthcare (ASX: XHJ) | (2.25%) |
| Industrials (ASX: XNJ) | (2.39%) |
| Consumer Discretionary (ASX: XDJ) | (3.47%) |
| Information Technology (ASX: XIJ) | (4.24%) |
| Materials (ASX: XMJ) | (7.09%) |
The post ASX 200 energy shares lead the market for a third week appeared first on The Motley Fool Australia.
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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.