ASX 200 energy shares led the market with a 5.9% gain last week as the US and Iran continued their attacks, with no end in sight.
The S&P/ASX 200 Index (ASX: XJO) fell 0.28% to 8,772.3 points over the week.
Oil and gas prices surged last week as Iran-backed Houthi militants attacked two Saudi oil tankers in the Red Sea.
The Saudis have been piping oil across to the Red Sea port of Yanbu for export while the Strait of Hormuz is effectively shut down.
The Brent crude oil price increased 13% to US$99.80 per barrel on Friday.
The US West Texas Intermediate (WTI) oil price rose 11.5% to US$91.25 per barrel.
UK and European gas prices rose 8% and German gas prices increased 13%.
On Friday, Trading Economics analysts said escalating tensions were raising fears of prolonged global energy supply disruptions.
The US launched a 13th straight day of strikes on Iran, with both sides ruling out near-term talks.
President Trump also threatened "major military punishment" against Iran and the Houthis over any further attacks on Red Sea shipping and said he was considering a "massive attack" on Iran.
Asian buyers have begun discussing rerouting Saudi crude shipments through the Suez Canal and around Africa.
Adding to supply constraints, the Caspian Pipeline Consortium suspended crude loadings at its Black Sea terminal after tanker attacks, disrupting around 80% of Kazakhstan's oil exports.
Six of the 11 market sectors finished the week in the red.
Let's recap.
Image source: Getty Images
Energy shares led the market last week
The Woodside Energy Group Ltd (ASX: WDS) share price rose 6.27% over the week to $32.37 on Friday.
The Santos Ltd (ASX: STO) share price lifted 3.78% to $7.97.
The Ampol Ltd (ASX: ALD) share price rose 2.98% to $38.67.
The Viva Energy Group Ltd (ASX: VEA) share price ascended 6.84% to $2.50.
The Karoon Energy Ltd (ASX: KAR) share price rocketed 19.33% to $1.79.
Beach Energy Ltd (ASX: BPT) shares increased 2.84% to 91 cents apiece.
The Paladin Energy Ltd (ASX: PDN) share price shot 14.96% higher to $9.68 on Friday.
The Boss Energy Ltd (ASX: BOE) share price rose 6.56% to $1.30.
The Yancoal Australia Ltd (ASX: YAL) share price jumped 12.87% to $6.05.
Whitehaven Ltd (ASX: WHC) shares rose 4.31% to $7.75.
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) | 5.9% |
| Materials (ASX: XMJ) | 1.74% |
| Financials (ASX: XFJ) | 0.58% |
| Utilities (ASX: XUJ) | 0.27% |
| Consumer Staples (ASX: XSJ) | 0.2% |
| Industrials (ASX: XNJ) | (1.74%) |
| A-REIT (ASX: XPJ) | (1.76%) |
| Communication (ASX: XTJ) | (4.03%) |
| Consumer Discretionary (ASX: XDJ) | (4.66%) |
| Healthcare (ASX: XHJ) | (5.73%) |
| Information Technology (ASX: XIJ) | (6.63%) |
