The Woodside Energy Group Ltd (ASX: WDS) share price is taking off on Tuesday alongside the price of oil.
The energy commodity's value lifted close to 1.8% overnight on notable supply concerns.
At the time of writing, the Woodside Energy share price is $32.41, 3.48% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.3% today while the S&P/ASX 200 Energy Index (ASX: XEJ) is up 2.99%.
Let's take a closer look at what's going on with Woodside Energy and its ASX 200 peers today.
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Why's the Woodside Energy share price outperforming?
The Woodside Energy share price is in the green amid higher oil prices on Tuesday.
The Brent crude oil price lifted 1.7% in Monday's session overseas to reach US$115.09 a barrel, according to CommSec. Meanwhile, West Texas Intermediate crude oil gained 1.8% to trade at US$109.57 a barrel.
The commodity's gain came as the Group of Seven nations proposed to place a price cap on Russian oil in response to its ongoing invasion of Ukraine. The move is designed to put financial pressure on Russia through new sanctions, reports Reuters.
Additionally, the publication reports unrest in Libya and Ecuador may see oil production in those nations halted in coming days.
Finally, the United Arab Emirates has reportedly flagged it's nearing its maximum production capacity as OPEC+ nations prepare to meet on Thursday.
Woodside Energy is joined in the green by many of its energy-producing peers today.
The Beach Energy Ltd (ASX: BPT) share price is among the top-performing energy stocks right now, gaining 5.45%. Meanwhile, shares in Santos Ltd (ASX: STO) and Worley Ltd (ASX: WOR) are up 2.78% and 3.28% respectively.
Today's gain sees the Woodside Energy share price 47% higher than it was at the start of 2022. It has also jumped 44% since this time last year.
