The Woodside Petroleum Limited (ASX: WPL) share price is surging higher today despite no news having been released by the company.
In fact, Woodside hasn't posted any price-sensitive news to the market since it released its half-year results and confirmed its plan to merge with BHP Ltd's (ASX :BHP) oil assets in August.
However, increasing world oil prices might have something to do with Woodside's gains today.
At the time of writing, the Woodside share price is $25.01, 3.69% higher than its previous close.
Let's take a look at what might be boosting Woodside's shares on Tuesday.
Price of oil up alongside Woodside's stock
The Woodside share price is taking off today, as are oil prices this week.
The price of oil has retreated ever so slightly on Tuesday, though it's still boasting much of the significant gains it's made recently.
Right now, a barrel of West Texas Intermediate oil goes for US$77.86. At the same time, Brent crude oil is going for US$81.61 per barrel.
The price of oil is being driven higher by confirmation the Organisation of the Petroleum Exporting Countries, Russia, and their allies, better known as OPEC+, won't be increasing oil production despite rising global demand.
The organisation previously agreed to boost oil production by 400,000 barrels per day each month between July 2021 and April 2022.
According to reports by Reuters, the price of oil is beginning to worry the United States and India. The two nations are reportedly calling on the OPEC+ to increase supply of the black liquid.
The latest news from OPEC+ is likely dampening hopes of this happening. However, it's seemingly boosting the Woodside share price.
Woodside share price snapshot
Today's gain included, the Woodside share price is around 9% higher than it was at the start of 2021.
It has also gained 41% since this time last year.
