Oil prices have recently climbed more than $3 a barrel as a result of heightened political uncertainty in the Middle East, particularly due to escalated military opposition between Israeli and Hamas forces.
As a consequence, Australian energy stocks have begun to experience an upward trend.
Sector heavyweight Woodside Energy (ASX:WDS) has shared a noteworthy leap of 3.4%, setting up a promising expectation to record their best day since June 16, should current gains maintain their position.
Other companies have also shown positive performance: Santos (ASX:STO) witnessed a 2.7% rise, Origin Energy (ASX:ORG) reported a 0.5% uptick, and Beach Energy (ASX:BPT) notably saw as much as a 4% increase.
Overall, the sub-index has declined by 1.2% this year, when measured against the last closing.
Woodside Energy is a prominent company specializing in the oil and gas industry.