Viva Energy Group Ltd (ASX: VEA) shares are pushing higher on Monday.
In mid-afternoon trade, the Viva Energy share price is up 3.19% to $2.59. That is comfortably outperforming the S&P/ASX 200 Index (ASX: XJO), which has opened lower as oil prices jumped following the collapse of US-Iran talks over the weekend.
The gain extends Viva Energy's strong 2026 run, with the stock now up about 26% year to date.
The move appears to reflect both stronger crude prices and a company-specific accounting update. While negative on the surface, the issue looks manageable against the size of the business.
Let's dive right in.
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Oil surge gives refiners and fuel retailers a lift
A key driver today is the rebound across ASX energy stocks. That follows brent crude pushing back above US$101 a barrel amid renewed geopolitical tensions in the Middle East.
The move has lifted refiners and downstream fuel businesses, with Viva among the sector's stronger performers in Monday trade.
That makes sense given Viva's exposure across refining, wholesale fuel supply, and its national convenience and fuel retail network.
Higher energy prices, such as natural gas, are also giving the sector an extra lift.
Earlier in the session, Viva was among the ASX 200's better performers, rising about 6.5% before easing back toward its current gain.
ASIC review adds a $25 million impairment hit
Separately, The Australian reported that Viva will take an additional $25 million impairment charge tied to the way some of its petrol station assets were valued.
According to the report, ASIC challenged the company's previous approach of grouping certain convenience retail sites together for impairment testing instead of assessing them individually.
The revised treatment increases Viva's total retail site impairment charge for the 2025 financial year.
With a market capitalisation of roughly $4.25 billion and a network of about 900 stores and 1,300 service stations nationally, the adjustment is unlikely to worry investors too much.
Instead, the market may be treating it as an accounting clean-up rather than anything linked to underlying trading.
Foolish Takeaway
Today's gain in Viva Energy shares appears to be driven more by the oil rebound and stronger sector sentiment than the ASIC charge.
The extra $25 million write-down is not ideal. Even so, investors seem more focused on firmer oil prices and earnings support.
With the shares already up 26% this year, the next key drivers are likely to be oil prices, refining spreads, and fuel demand.
