S&P/ASX 200 Index (ASX: XJO) energy shares are enjoying positive gains on the market today.
So what is fuelling these share price increases today?
The Woodside Energy share price is rising 3% today, while Santos shares are up 2.71%. Beach Energy shares are jumping 5.46%, while the S&P/ASX 200 Energy Index (ASX: XEJ) is leaping 3.08%.
These ASX 200 energy shares are all major producers of oil. Rising oil prices appear to be weighing on the minds of investors.
WTI crude oil futures jumped for the third session in a row in global markets, Bloomberg reported. The publication noted that Libya’s oil exports are facing disruptions due to a political crisis, while oil production in Ecuador is at risk due to protests.
Meanwhile, the Group of Seven (G7) nations are considering a cap on the price of Russian oil as part of their pledge to stand with the Ukraine, Reuters reported.
Discussing this move, Commonwealth Bank analyst Vivek Dhar told the publication there is “nothing stopping Russia from banning oil and refined product exports to G7 economies in response to a price cap, exacerbating shortage conditions in global oil and refined product markets”.
WTI Crude Oil is up 1.04% to US$110.71 a barrel, while Brent Crude Oil is rising 1.08% to US$116.33 a barrel, according to Bloomberg.
The Woodside share price has soared 43% in a year, while the Santos share price has leapt 4%. The Beach Energy share price has surged nearly 35% in a year.
For comparison, the S&P/ASX 200 Energy Index (ASX: XEJ) has rocketed nearly 26% in the past year.
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