ASX energy stocks led the ASX 200 market sectors last week with a significant 6.73% gain over the five trading days.
Meantime, the S&P/ASX 200 Index (ASX: XJO) lost 1.24% to finish the week at 8,150 points.
Five of the 11 market sectors finished the week in the green.
Let's review.
Energy shares led the ASX sectors last week
ASX oil shares led the energy sector's charge last week.
Among the major ASX 200 energy stocks, Woodside Energy Group Ltd (ASX: WDS) shares gained 6.73% to finish at $26.64 on Friday.
Woodside announced the completion of its 100% acquisition of OCI Clean Ammonia Holding B.V. on Monday.
The Santos Ltd (ASX: STO) share price lifted 5.49% to close at $7.30 per share. Last week, Santos announced a three-year LNG supply contract with TotalEnergies Gas & Power Asia Private Limited.
Beach Energy Ltd (ASX: BPT) shares gained 5.39% to close at $1.27 per share.
Karoon Energy Ltd (ASX: KAR) shares soared by 7.87% over the five trading days to close at $1.65.
Ampol Ltd (ASX: ALD) shares rose by 2.93% to $31.30 per share. Viva Energy Group Ltd (ASX: VEA) lifted 3.6% to $3.02 per share. Neither of these transport fuel companies released any news last week.
Global oil prices rose by more than 8% in just five days as Iran, which is the world's ninth-largest oil producer, became further involved in the war between Israel and Gaza in the Middle East.
Iran sent more than 200 ballistic missiles into Israel last week in retaliation for Israel's assassination of Hezbollah secretary-general Hassan Nasrallah in a Beirut airstrike.
Israel has vowed to retaliate and there are fears it may strike Iran's oil production infrastructure. These concerns escalated when United States President Joe Biden said he was discussing this with Israel.
Brent crude oil peaked at just under US$78 per barrel last week, up by 13% from a 52-week low of US$69 per barrel on 11 September.
Oil prices are also being supported by news of stimulus in China and the first rate cut in the US.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
S&P/ASX 200 market sector | Change last week |
Energy (ASX: XEJ) | 6.73% |
Healthcare (ASX: XHJ) | 1.55% |
Utilities (ASX: XUJ) | 0.89% |
A-REIT (ASX: XPJ) | 0.84% |
Communication (ASX: XTJ) | 0.04% |
Industrials (ASX: XNJ) | (0.60%) |
Materials (ASX: XMJ) | (1.33%) |
Information Technology (ASX: XIJ) | (1.43%) |
Consumer Staples (ASX: XSJ) | (1.59%) |
Financials (ASX: XFJ) | (1.97%) |
Consumer Discretionary (ASX: XDJ) | (2.55%) |