The S&P/ASX 200 Index (ASX: XJO) had a better week and recovered some of the previous week's large losses. The benchmark index clawed back 1.6% over the period to end it at 7,110.8 points.
While a good number of shares climbed higher with the market, some rose more than most. Here's why these were the best performing ASX 200 shares last week:
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price was the best performer on the ASX 200 last week with a 25.1% gain. Investors were scrambling to buy the coal miner's shares after coal prices surged to record highs. Demand for coal jumped materially after European countries sought alternatives to reduce their exposure to Russian natural gas.
Woodside Petroleum Limited (ASX: WPL)
The Woodside share price was a strong performer and stormed 12.4% higher over the five days. Investors were bidding the energy producer's shares higher after the Russia-Ukraine crisis sparked fears of supply constraints in an already tight market. Late in the week, oil prices climbed beyond US$100 a barrel to their highest levels since 2008.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price wasn't far behind with a gain of 12.2% last week. This appears to have been driven by rising rare earth prices and the release of a bullish broker note out of Macquarie on Monday. According to the note, the broker has retained its outperform rating and lifted its price target to $12.60. The Lynas share price ended the week at $10.74.
South32 Ltd (ASX: S32)
The South32 share price was on form and charged 11.9% higher over the period. Once again, this appears to have been driven by rising commodity prices. The aluminium price charged higher last week along with a number of other commodities that South32 has exposure to. In addition, last week Goldman Sachs retained its conviction buy rating and lifted its price target to $5.60. The South32 share price ended the week at $5.17.
