The Santos Ltd (ASX: STO) share price is defying the market's struggles on Tuesday to launch higher amid surging oil prices.
At the time of writing, the Santos share price is $7.33, 2.37% higher than its previous close. Earlier today, it reached a high of $7.435 a share, a gain of 3.85%.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.02%, dragged lower by the flailing tech sector.
Let's take a closer look at what's driving the ASX 200 energy giant to outperform today.
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What's energising the Santos share price on Tuesday?
Santos' stock is taking off on Tuesday alongside many other ASX energy shares.
In fact, the S&P/ASX 200 Energy Index (ASX: XEJ) is currently the ASX 200's best performing sector, up 2.31% in early afternoon trading.
Its rise likely comes on the back of surging oil prices. The price of Brent crude oil gained 5.1% overnight to trade at US$106.27 a barrel while the US Nymex crude price lifted 5.1% to reach US$102.60 a barrel.
The commodities' rise came amid a weakening US dollar and news a Russian gas giant told European customers it can't guarantee gas supplies, Reuters reports.
Right now, the Santos share price is among the ASX 200's energy sector's best performers.
However, it's shadowing the gains of Whitehaven Coal Ltd (ASX: WHC), Beach Energy Ltd (ASX: BPT), Woodside Energy Group Ltd (ASX: WDS), and New Hope Corporation Limited (ASX: NHC). They're each currently up more than 3%.
