The Woodside Energy Group Ltd (ASX: WDS) share price is sinking on Monday despite no word having been released by the company. However, it's far from alone in the red. Many of its energy peers are suffering amid tumbling oil prices.
The Woodside share price is down 2.55% right now, trading at $37.
Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has slumped 0.33% and the S&P/ASX 200 Energy Index (ASX: XEJ) has dumped 1.47%.
Let's take a closer look at what might be weighing on Woodside and its ASX 200 energy peers today.
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Woodside shares tumble alongside oil prices
The Woodside share price is tumbling on Monday. It comes as oil prices fall to near-12 month lows.
The Brent crude oil price slumped another 2% on Friday to close last week at US$83.63 a barrel. Meanwhile, the US Nymex crude oil price fell 2.1% to US$76.28 a barrel. That left the respective contracts down 4.6% and 4.7% week-on-week.
And the situation has only deteriorated today. Oil has fallen to its lowest point since December 2021 on Monday, according to media reports, with WTI crude oil falling to around US$74 a barrel and Brent crude oil slipping to less than US$82 a barrel.
Recent falls came amid concerns COVID-19 outbreaks in China could hamper demand for the black liquid and the suspension of discussions of a mooted US$65 to US$70 price cap on Russian oil, CNBC reported over the weekend.
Of course, oil producers' profits are tightly tied to oil prices. Indeed, soaring energy commodity prices saw Woodside post a US$1.6 billion profit for the first half of 2022 – a 417% increase on that of the prior comparable period.
Interestingly, Woodside isn't the worst performer in the ASX 200 energy sector right now. The Beach Energy Ltd (ASX: BPT) share price takes out the unfortunate crown, slumping 2.7%.
Other oil giants are also suffering. The share prices of Santos Ltd (ASX: STO) and Worley Ltd (ASX: WOR) are down 2.5% and 0.9% right now.
