Why is the Woodside Energy share price leading the ASX 200 higher on Tuesday?

The Woodside Energy Group Ltd (ASX: WDS) share price is among the top performers on the S&P/ASX 200 Index (ASX: XJO) on Tuesday.

At the time of writing, the Woodside share price is $32.52, 4.03% higher than its previous close.

For context, the ASX 200 is currently recording a 0.36% gain.

Let’s take a look at what might be bolstering the ASX 200 energy giant’s stock today.

Woodside share price outperforms on Tuesday

The Woodside share price is driving the ASX 200 and its home sector higher on Tuesday despite the company’s silence.

The S&P/ASX 200 Energy Index (ASX: XEJ) is currently the market’s top-performing segment, lifting 2.48% right now.

Its gains have likely come on the back of rising oil prices. The price of Brent crude oil increased 1.7% to US$113.50 a barrel overnight. Meanwhile, US Nymex crude oil’s value lifted 2.1% in after-hours trade to US$110.66 a barrel.

Their rises came amid supply concerns born from unrest in Libya and Ecuador, as well as sanctions against Russian oil, Reuters reported. The publication also noted a strike could see Norway’s oil production slip 8% this week.

The price of thermal coal also lifted overnight, rising 2.2% to trade at US$396.45 a tonne. On top of that, uranium futures rose 0.79% to US$51.25 a pound.

The share price of uranium producer Paladin Energy Ltd (ASX: PDN) is trading in Woodside’s shadow today, gaining 3.95% at the time of writing.

Worley Ltd (ASX: WOR) is the sector’s third-best performer right now, recording a 1.63% gain.

The post Why is the Woodside Energy share price leading the ASX 200 higher on Tuesday? appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper 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.

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