Some of the ASX's best oil shares by popular consensus are enjoying a strong day today after the oil price hit a 7-week high, with Brent crude futures at US$67.10 a barrel and WTI futures at US$60.67 a barrel as at 15.00pm AEST.
As a result shares in Woodside Petroleum Limited (ASX: WPL), Santos Ltd (ASX: STO) and Oil Search Limited (ASX: OSH) are 0.6%, 1.3% and 2.8% higher this afternoon, with junior players Beach Energy Ltd (ASX: BPT) and Cooper Energy Ltd (ASX: COE) up 3.3% and 5.8% respectively.
The oil price is rising due to geopolitical tensions in the Middle East and more specifically on news reports that Iran tried to seize a British registered oil tanker sailing near Iran's coastal waters. Any escalation of a conflict with Iran is likely to send oil prices rocketing. Other factors such as the rise of U.S. shale oil drilling methods have kept a lid on the oil price over the last 5 years.
