ASX 200 energy shares are leading the market again today as investors feel increasingly pessimistic that the Iran war will end anytime soon.
The benchmark S&P/ASX 200 Index (ASX: XJO) is down 0.34%, while the S&P/ASX 200 Energy Index (ASX: XEJ) is up 1.3%.
The only other market sector in the green today is utilities.
ASX 200 utilities shares are up 1.1%, indicating the appeal of defensive shares amid the ongoing global energy shock.
A second round of negotiations between the US and Iran in Islamabad is expected to begin within days.
However, investors appear unconvinced that a resolution is near.
This lack of confidence is reflected in the ASX 200’s fourth consecutive day in the red.
ASX 200 shares are down 2.2% since Monday’s close.
Energy commodity prices up 15% to 18% this week
We’ve also seen a sharp increase in energy commodity prices this week.
The Brent Crude oil price has lifted 17.6% this week to US$106.31 per barrel, at the time of writing.
The WTI Crude oil price has also risen 17.3% to US$96.91 per barrel.
Also this week, US heating oil is up 18.1%, US gas prices are up 15.7%, and European gas prices are up 15.1%.
The price spike reflects continued supply disruption, with the Strait of Hormuz remaining effectively shut down.
The scale of the price increase likely also reflects market pessimism that the conflict will be resolved quickly.
Trading Economics analysts said the stalled US-Iran talks and military activities in the Strait were raising anxiety over fuel supply.
Reports indicated that President Donald Trump’s Truth Social posts, along with his decision to maintain a naval blockade of Iranian ports, have complicated prospects for renewed negotiations with Tehran.
In a post on Thursday, Trump said he had ordered the US Navy to “shoot and kill” vessels laying mines in the strait, while US forces also boarded a supertanker carrying Iranian oil in the Indian Ocean.
The ceasefire has been extended indefinitely, with the US claiming it is awaiting a revised peace proposal from Iran.
The US blockade of Iranian ports continues, which means Iran cannot export any of its own oil to its biggest buyer, China.
The effective shutdown of the Strait of Hormuz has disrupted 20% of the world’s oil and gas exports.
How are ASX 200 energy shares performing today?
At the time of writing:
The Woodside Energy Group Ltd (ASX: WDS) share price is up 1.9% on Friday to $32.38.
The Santos Ltd (ASX: STO) share price is $7.83, up 1.5% today.
Karoon Energy Ltd (ASX: KAR) shares are 1.6% higher at $2.24, after reaching a two-year high of $2.26 in earlier trading.
The Ampol Ltd (ASX: ALD) share price is 2.1% higher at $34.19.
The Viva Energy Group Ltd (ASX: VEA) share price is up 2.3% to $2.40.
Beach Energy Ltd (ASX: BPT) shares are up 1% to $1.23.
The post ASX 200 energy shares lift as pessimism over Iran war deepens appeared first on The Motley Fool Australia.
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More reading
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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.