- The Beach Energy share price is trading at $1.455 right now – the highest it’s been since October
- Its gains come as Brent crude futures hit a 3-year high
- The ASX 200 energy sector is one of the market’s top performing sectors on Monday
The Beach Energy Ltd (ASX: BPT) share price is having a roaring day despite no news having been released by the company.
Though, it’s not alone in its gains, with the price of oil likely bolstering many of its peers.
At the time of writing, the Beach Energy share price is $1.455, 3.93% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.34%.
Let’s take a look at what might be driving the oil and gas producer’s shares higher on Monday.
What’s caused the Beach Energy share price to rally today?
Beach Energy’s stock is trading at levels not seen since October as the price of oil surges higher.
According to data from CNBC, Brent crude futures are currently trading at US$86.20 per barrel – a 0.16% gain.
Additionally, the commodity hit a new 3-year high of US$86.71 earlier today.
Meanwhile, West Texas Intermediate is up 0.48% at US$84.22 a barrel.
That’s on top of their 1.9% and 2.1% respective gains recorded at the end of last week.
While the price of oil likely hasn’t directly impacted Beach Energy’s stock, it might have bolstered sentiment for its earnings.
Of course, the company’s incomes are directly tied to the commodity’s price.
That sentiment might also be lifting the S&P/ASX 200 Energy Index (ASX: XEJ). The sector is one of the ASX 200’s best performers today, having gained 1.52% at the time of writing.
After Beach Energy’s rally, its share price is one of the sector’s best performers today.
Interestingly, Beach Energy hasn’t announced any price-sensitive news to the market since early November. Nonetheless, it has already gained 15% year to date.