The Beach Energy Ltd (ASX: BPT) share price lifted to its highest point in more than a year on Thursday.
The gain likely followed news that the price of oil traded at its highest point since March's 13-year high overnight.
At the time of writing, the Beach Energy share price is $1.90, 1.34% higher than its previous close.
However, it reached a new 52-week high of $1.91 earlier today – representing a 1.87% gain. That marks its highest point since January 2021.
Making its gains even more impressive is the broader market's lacklustre performance. The S&P/ASX 200 Index (ASX: XJO) is currently down 1.22% while the All Ordinaries Index (ASX: XAO) has slumped 1.26%.
Let's take a closer look at what's going on with the Beach Energy share price on Thursday.
What's driving the ASX 200 energy stock higher today?
The Beach Energy share price leapt to a new 52-week high today amid rising oil prices.
The Brent crude oil price lifted 2.5% to US$123.58 a barrel overnight. Meanwhile, US West Texas Intermediate crude price rose 2.3% to US$122.11 a barrel.
That's likely helping the broader S&P/ASX 200 Energy Index (ASX: XEJ) on Thursday. It's one of only two sectors in the green today, having gained 0.88% at the time of writing.
Shares in Beach Energy's fellow energy sector constituents Woodside Energy Group Ltd (ASX: WDS) and Worley Ltd (ASX: WOR) also lifted to their highest point in more than 12-months today.
Rising oil prices came as demand in the United States (US) continued to soar amid concerns China's demand could increase as lockdowns ease, reports Reuters.
The publication also stated tensions between the US and Iran have risen as negotiations over the latter's nuclear program appear to turn sour. That means sanctions on Iranian oil could remain in place and the market will continue to be tighter than it otherwise would.
Beach Energy share price snapshot
Today's gains included, the Beach Energy share price is 44.6% higher than it was at the start of 2022.
It has also gained 38.3% since this time last year.
