Energy shares led the ASX 200 market sectors again last week with a 5.31% gain.
This came on top of the energy sector's 6.49% leap last week.
Missile attacks between Israel and Iran intensified last week as the US contemplated getting involved to prevent an Iranian nuclear bomb.
US President Donald Trump has indicated he will decide over the next two weeks whether to launch direct military strikes on Iran.
The reason for this timeframe is not clear; however, White House press secretary Karoline Leavitt provided some insight.
Leavitt said (courtesy abc.net.au):
Iran has all that it needs to achieve a nuclear weapon. All they need is a decision from the supreme leader to do that.
And it would take a couple of weeks to complete the production of that weapon, which would of course pose an existential threat, not just to Israel, but to the United States, and to the entire world.
Last week, the broader market drifted lower with the S&P/ASX 200 Index (ASX: XJO) falling 0.49% to close at 8,505.5 points on Friday.
Seven of the 11 market sectors finished in the green last week.
Let's recap.
Image source: Getty Images
Woodside shares reach 9-month high amid energy sector strength
Many ASX 200 oil shares rose further last week, and uranium stocks also played a significant role in boosting the energy sector.
The energy sector's largest company, oil and gas giant Woodside Energy Group Ltd (ASX: WDS), closed at $25.85 per share on Friday.
That represented a 2.54% gain for the week. On Monday, the Woodside Energy share price reached a 9-month high of $27.23.
Santos Ltd (ASX: STO), which received a takeover offer from an Abu Dhabi suitor on 16 June, rose 10.63% to $7.70 per share last week.
The Karoon Energy Ltd (ASX: KAR) share price lifted 4.02% to $2.07.
Beach Energy Ltd (ASX: BPT) shares rose 5% to $1.37. Viva Energy Group Ltd (ASX: VEA) shares increased 2.48% to $2.07.
Ampol Ltd (ASX: ALD) shares fell 0.23% to $25.75.
ASX uranium stocks had a big week of share price gains on the back of a $200 million investment by Canadian investment fund, Sprott.
Boss Energy Ltd (ASX: BOE) shares closed 20.11% higher at $4.42 on Friday and reached a 52-week high of $4.75 on Thursday.
Similarly, the Deep Yellow Ltd (ASX: DYL) share price rocketed 30.38% to $1.70 on Friday. It hit a 52-week high of $1.76 on Thursday.
Paladin Energy Ltd (ASX: PDN) shares closed at $7.36 on Friday, up 16.83%. Paladin shares reached a 4-month high of $7.56 on Thursday.
What happened to energy commodity prices last week?
Oil prices remained elevated as traders factored in the possibility of Iran closing the Strait of Hormuz.
About 20% of global oil supplies flow through the Strait of Hormuz.
Trading Economics analysts commented:
Despite the heightened risks, reports indicated that Iran is maintaining crude exports, loading 2.2 million barrels per day so far this week—the highest in five weeks.
Separately, oil prices were supported by a sharper-than-expected drop in US crude inventories earlier in the week, with government data showing the largest weekly decline in a year.
On Friday, Brent crude oil price was trading at about US$76.75 per barrel, the highest level since February.
The WTI oil price was trading at about US$73.60 per barrel, the highest level since January.
The uranium price leapt 9.25% to a six-month high of US$76.20 per pound early in the week. On Friday, the uranium price was $74.80.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Energy (ASX: XEJ) | 5.31% |
| Information Technology (ASX: XIJ) | 1.54% |
| Industrials (ASX: XNJ) | 0.87% |
| Healthcare (ASX: XHJ) | 0.67% |
| Communication (ASX: XTJ) | 0.29% |
| A-REIT (ASX: XPJ) | 0.22% |
| Financials (ASX: XFJ) | (0.05%) |
| Consumer Discretionary (ASX: XDJ) | (0.27%) |
| Consumer Staples (ASX: XSJ) | (1.4%) |
| Utilities (ASX: XUJ) | (2.18%) |
| Materials (ASX: XMJ) | (4.26%) |
