S&P/ASX 200 Index (ASX: XJO) shares closed 0.3% lower yesterday as the US and Iran continued to mull a ceasefire extension.
The market was caught off-guard by news of a major fire at one of Australia's two oil refineries yesterday.
This will undoubtedly add pressure to the fuel supply chain and potentially add to inflation and the chances of higher interest rates.
Amid the growing global fuel crisis, brokers have indicated continuing confidence in several ASX 200 shares.
These companies received renewed buy ratings this week.
Let's review.
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Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price closed at $172.60 on Thursday, down 0.7%.
Over the past month, the ASX mining giant has lifted 11.6%.
Macquarie reiterated its buy rating on Rio Tinto stock this week.
The broker raised its 12-month price target from $168 to $183.
ANZ Group Holdings Ltd (ASX: ANZ)
The ANZ share price finished the session at $37.73, down 1.3%.
Over the past month, this ASX 200 bank share has edged 0.75% higher.
Morgan Stanley maintained its buy rating on ANZ shares this week.
But the broker shaved its 12-month price target from $37.80 to $37.
Xero Ltd (ASX: XRO)
The Xero share price closed at $81.86 yesterday, up a whopping 9%.
In an apparent rebound for the entire tech sector, Xero shares have risen 16.1% since 30 March.
UBS reiterated its buy rating on Xero shares this week.
However, the broker slashed its 12-month target from $174 to $127.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price closed at $14.15, up 2.6% on Thursday.
Over the past month, this ASX 200 uranium share has rocketed 27.6%.
Morgan Stanley kept its buy rating in place with a $14.45 price target this week.
South32 Ltd (ASX: S32)
The South32 share price finished yesterday's trading day at $4.62, down 0.2%.
Over the past month, this ASX 200 mining share has lifted 11.1%.
Morgan Stanley reiterated its buy recommendation this week.
The broker also lifted its share price target from $4.70 to $5.
Iluka Resources Ltd (ASX: ILU)
The Iluka Resources share price closed at $7.77, up 4%.
Over the past month, this ASX 200 mineral sands share has ripped 20.7%.
Morgan Stanley maintained a buy rating and raised its target from $6.70 to $7.90.
Zip Co Ltd (ASX: ZIP)
Zip was the third-strongest performer within the ASX 200 yesterday.
The Zip share price ripped 11.4% higher to $2.05 ahead of its quarterly update today.
Over the past month, this ASX 200 financial share has soared 28.1%.
Citi reiterated its buy rating on the buy now, pay later provider this week.
The broker has a $2.60 price target on Zip shares.
Coles Group Ltd (ASX: COL)
The Coles share price closed at $22.70, up 0.2%, yesterday.
Over the past month, this ASX 200 consumer staples share has lifted 9%.
Jefferies reiterated its buy rating this week.
The broker also raised its share price target on Coles from $23.50 to $25.50.
