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.
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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.