S&P/ASX 200 Index (ASX: XJO) energy shares are up 0.45% on Tuesday, and energy is the only one of the 11 market sectors in the green.
The benchmark ASX 200 is down 1.2% as the market digests what the war in Iran might mean for global energy supply and trade.
Oil and gas prices continue to rise today, with Brent Crude at US$79.50 per barrel, up 2.1%, and WTI Crude at US$72.50 per barrel, up 1.6%.
European gas prices have skyrocketed after the US and Israel attack on Iran triggered direct disruption of gas supplies on the continent.
QatarEnergy suspended production of liquefied natural gas at its Ras Laffan and Mesaieed complexes after a drone struck a water tank.
The company feeds about 20% of global LNG supply.
UK natural gas futures jumped 41% to 115 pence per therm, and European futures surged 50% to 48 euros per megawatt-hour (MWh).
German gas rose to 45 euros per MWh, up 34%.
Analysts at Trading Economics said:
The suspension of supply from Qatar threatens around 15% of LNG imports to the European Union, magnifying tight shipments from an already tight global LNG market, and increasing bidding competition from US sources.
Besides the targeted attacks at the LNG facility, LNG carrier operators halted flows of tankers through the Strait of Hormuz, limiting supply from other key Middle Eastern gas producers.
Both British and European gas storage levels are below 30%, making them especially vulnerable to external supply shocks.
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ASX 200 energy shares on Tuesday
ASX 200 oil & gas shares are somewhat mixed today.
The Woodside Energy Group Ltd (ASX: WDS) share price is up 0.7% to $30.46.
Santos Ltd (ASX: STO) shares are down 0.7% to $7.21.
Ampol Ltd (ASX: ALD) shares are among the market's fastest risers today, up 2.1% to $29.67 apiece.
ASX 200 coal shares are also among the fastest movers due to higher thermal prices amid expectations of resilient global demand.
Yancoal Australia Ltd (ASX: YAL) shares are up 4.6% to $6.48.
Whitehaven Ltd (ASX: WHC) shares are 2.2% higher at $8.10.
The New Hope Corporation Ltd (ASX: NHC) share price is up 7.4% to $5.10 on news of an extended share buyback.
New ratings and price targets after earnings season
With earnings season ending on Friday, the brokers have been busy assessing company reports and re-rating shares accordingly.
Let's see where they landed on three of the market's largest ASX 200 energy shares.
Santos Ltd (ASX: STO)
Santos reported underlying net profit after tax (NPAT) of US$898 million for FY25, down 30% on FY24.
The ASX 200 energy share will pay an unfranked final dividend of US 10.3 cents per share.
Bernstein reiterated its buy rating on Santos shares yesterday with an improved price target of $7.60.
Morgans retained a hold rating on the ASX 200 energy share, but increased its target from $6.80 to $7.50.
Jarden kept its sell rating with a slightly lower price target of $5.90.
Woodside Energy Group Ltd (ASX: WDS)
The oil and gas giant reported an NPAT of US$2,718 million, down 24%, for FY25.
Woodside shares will pay a fully-franked final dividend of 59 US cents per share.
RBC retained its buy rating on Woodside shares with a 12-month price target of $31.50.
Citi maintained a hold stance with a target of $28.
Ord Minnett kept a sell rating on Woodside shares with a price target of $24.
Check out more ratings and forecasts for Woodside shares here.
Ampol Ltd (ASX: ALD)
Ampol reported a statutory NPAT of $82.4 million for FY25, down 33% year over year.
The ASX 200 energy share will pay a final dividend of 60 cents per share, fully franked.
Of the five broker notes we've seen since Ampol reported, all of them retained buy ratings on the ASX 200 energy share.
Ord Minnett lowered its price target slightly to $35, and Macquarie also cut from $33.65 to $32.50 per share.
Morgan Stanley has a new price target of $31, down from $33.
