Shares in Australian oil and gas producers Santos (ASX:STO), Woodside Energy (ASX:WDS), and Beach Energy (ASX:BPT) rose Wednesday as oil prices increased by around 3% on Tuesday after Iran fired ballistic missiles at Israel in reaction to Israel's campaign in Lebanon against Hezbollah.
Reuters reported Wednesday, citing a brokerage and consulting firm part of TP ICAP as saying there may be attacks on Middle East oil producers, specifically Saudi Arabia.
Brent crude and US West Texas Intermediate crude each gained more than 1% on Wednesday.
"There is now a genuine fear that oil supply will be impacted, and nervous and volatile trading is anticipated until the picture becomes clear," the report cited.
Santos shares rose 3%, Woodside 2%, and Beach Energy more than 4% in early Wednesday trade.
Price (AUD): $7.18, Change: $+0.18, Percent Change: +2.57%
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