Woodside Energy Group Ltd (ASX: WDS) shares are trading in the green on Wednesday afternoon.
At the time of writing, the shares are up 0.53% to $32.45 each.
That means they've rocketed 37% for the year to date and are up a huge 51% versus this time last year. The oil and gas giant's share price rally accelerated in early March, when conflict between the US and Iran ramped up.
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So, if I bought $8,000 worth of Woodside shares in December, what are they worth now?
Woodside shares were trading at a low of $22.80 five months ago on the 18th of December. That's 42.37% lower than the share price at the time of writing.
It means that any investor who bought $8,000 of Woodside shares in the dip would have $11,389.60 today.
And the shares keep on climbing…
Oil price and supply concerns have plagued the first few months of 2026, but volatility has been a strong tailwind for Woodside shares over the past few months.
Even though conflict in the Middle East has cooled, it remains highly volatile, and the movement of oil in the region is still uncertain.
Shipping disruptions and production cuts caused oil prices to skyrocket to a multi-year high of around US$111 per barrel in April. While the price of oil has now softened slightly, Trading Economics data shows oil is still trading for well over US$100 per barrel. That's a huge 70% higher than just one year ago.
It's not just market demand driving the company's shares higher, either.
Woodside grabbed headlines in late April after it posted its first-quarter FY26 update. The oil and gas producer reported a 7% quarter-on-quarter increase in operating revenue and a 8% hike in revenue. The company's production figures were lower thanks to weather events, but this was offset by a 11% increase in the average realised price of oil.
The company also confirmed that its Woodside Scarborough Energy Project is nearing completion and its Trion oil project is 56% complete.
How high can Woodside shares go?
Analysts are pretty divided on Woodside shares over the next 12 months.
TradingView data shows that seven out of 17 have a hold rating on the shares. Another five have buy or strong buy ratings, and two rate the company a sell or strong sell.
The average $33.46 target price implies a potential 3% upside at the time of writing. However, others are more bullish and think the shares could jump as high as 36% to $43.96 over the next 12 months.
My view? While oil supply is still under pressure and prices are close to multi-year highs, I think Woodside shares are a screaming buy right now.
