Two of the popular ASX shares are outperforming the 0.6% losses posted by the S&P/ASX 200 Index (ASX: XJO) as we head into the lunch hour, while one is trailing that performance.

Here's why these stocks are making headlines today.

Santos shares lift on quarterly revenue boost

Santos shares are up 2.4% at time of writing, changing hands for $7.62 apiece.

This outperformance follows the release of the ASX 200 energy stock's March quarter update (Q1 2026).

Over the three months, Santos produced 22.5 million barrels of oil equivalent (mmboe), up 1% from Q4 2025. And sales revenue was up by 3% to US$1.27 billion.

The company's free cash flow from operations of US$383 million was in line with Q4 2025. And management reaffirmed Santos' full-year 2026 production and cost guidance.

Commenting on the progress of the company's major projects intended to support Santos shares longer-term, CEO Kevin Gallagher said:

The Pikka phase 1 oil project is now mechanically complete with commissioning activities progressing well and first sales oil expected in the coming weeks.

The Barossa project has had a few challenges during commissioning. Pleasingly we have now replaced the dry gas seals on the compressors and the FPSO is expected to commence ramping up as we complete the flushing and cleaning of the heat exchanger trains.

The Quokka-1 appraisal well was a resounding success, confirming a high-quality resource that reinforces the strength of our Alaska portfolio.

Ampol shares gain on acquisition news

Ampol shares are also in the green today, up 1.2% at $33.20 each.

Investors are bidding up the Aussie fuel supplier following an update on Ampol's proposed acquisition of fuel and convenience store operator EG Australia.

Ampol reported that it has submitted a formal remedy offer with the Australian Competition and Consumer Commission (ACCC).

In a move to address competition concerns and achieve regulatory approval for the acquisition, Ampol has increased the number of sites proposed for divestment to 41, up from the prior 37.

The ASX 200 energy stock expects a phase 2 determination from the ACCC by 5 June .

Core Lithium shares sinking on Finniss update

Joining Ampol and Santos shares in the headlines today we find Core Lithium.

After initially trading higher this morning, shares in the ASX All Ords lithium stock are down 6.2% at time of writing, swapping hands for 34.7 cents apiece.

This follows Core Lithium's own quarterly update, in which the miner detailed the progress being made on its Finniss Lithium Project restart program.

"The March quarter was a defining period for Core, with Final Investment Decision approval and a fully committed Funding Package secured to restart Finniss," Core Lithium managing director Paul Brown said.

The post Why is everyone talking about Core Lithium, Ampol and Santos shares on Thursday? appeared first on The Motley Fool Australia.

The stock is up 3.36% to $7.69 in late morning trade.

That builds on a solid run this year, with Santos shares now up around 25% in 2026.

Here's what is driving the latest move.

Revenue lifts as pricing and mix improve

Santos reported sales revenue of $1.27 billion for the March quarter, up 3% on the prior quarter.

The increase was supported by stronger crude oil sales and higher third-party LNG volumes.

Total sales volumes came in at 24.2 million barrels of oil equivalent, down 2% on the previous quarter.

Production edged higher to 22.5 mmboe, a 1% increase, reflecting contributions from recent developments.

Pricing across the portfolio was mixed.

Crude oil prices rose compared to the prior quarter, while LNG-linked pricing held broadly steady.

Free cash flow from operations was $383 million, in line with the previous quarter.

Major projects continue to move forward

The update pointed to continued progress across Santos' development pipeline.

The Pikka Phase 1 project in Alaska reached mechanical completion early in the quarter.

Fuel gas introduction and commissioning activities are underway, with first oil targeted in 2026.

At Barossa LNG, the FPSO is preparing to ramp up production following recent commissioning work.

Some delays were flagged during commissioning, though equipment issues have now been addressed.

The project is set to support future production growth.

Elsewhere, appraisal work at the Quokka discovery confirmed a high-quality resource base, supporting further development planning.

Strong operating performance across core assets

Operationally, Santos continues to run its base assets at steady production levels.

PNG LNG maintained uptime above 98%, delivering an annualised run rate of 8.6 Mtpa.

GLNG also delivered steady output, with production holding at a similar level to recent quarters.

Across Australia, assets in the Cooper Basin and Western Australia produced consistently, despite some weather-related disruptions.

The company also noted progress on cost control, with disciplined capital allocation remaining in place.

Guidance unchanged as outlook holds steady

Santos left its full-year guidance unchanged.

Production is expected to come in between 101 and 111 mmboe, with sales volumes in the same range.

Total capital expenditure is forecast at $1.9 billion to $2.1 billion, while unit production costs are expected to range from $6.95 to $7.45 per barrel of oil equivalent.

The company also confirmed it will host an investor day in late May.

Foolish takeaway

This looks like a business moving through the build phase and getting closer to bringing projects online.

Production has not yet increased, but the groundwork is in place with multiple developments nearing completion.

That is likely what the market is starting to price in.

Personally, I would be more interested in a pullback.

The long-term setup still looks solid, but after a 25% run this year, the easier gains may already be in.

The post Santos is back in focus. Here's why the shares are pushing higher today appeared first on The Motley Fool Australia.

What did Santos report?

• Production: 22.5 million barrels of oil equivalent (mmboe), up 1% quarter-on-quarter and 3% year-on-year
• Sales revenue: US$1.27 billion, up 3% from Q4 2025
• Free cash flow from operations: ~US$383 million, steady on the prior quarter
• Capital expenditure: US$441 million, down from US$619 million last quarter
• Full-year 2026 production and cost guidance unchanged

What else do investors need to know?

The first quarter saw major milestones across key projects. Pikka phase 1 in Alaska delivered early mechanical completion, with commissioning progressing and first oil sales expected soon. Barossa LNG reached its first equity cargoes, and ramp-up is set to accelerate as facilities return to full operation following commissioning works.

Santos also completed appraisal success at the Quokka-1 well in Alaska, pointing to high-quality resources that may boost future production. Meanwhile, operational reliability remained strong across the PNG LNG and GLNG projects, with new contracts such as the 10-year gas sales agreement with the South Australian Government supporting domestic energy security.

What did Santos management say?

Managing Director and Chief Executive Officer Kevin Gallagher said:

Our base business continues to perform reliably, supporting free cash flow generation. The Pikka phase 1 oil project is now mechanically complete with commissioning activities progressing well and first sales oil expected in the coming weeks. The Barossa project has had a few challenges during commissioning. Pleasingly we have now replaced the dry gas seals on the compressors and the FPSO is expected to commence ramping up as we complete the flushing and cleaning of the heat exchanger trains. The Quokka-1 appraisal well was a resounding success, confirming a high-quality resource that reinforces the strength of our Alaska portfolio. During the quarter, Santos strengthened its strategic position in Australia through key commercial outcomes, including a long-term gas supply agreement with the South Australian Government and a final investment decision on the Moomba Central Optimisation project. Our portfolio of high-quality LNG assets, located close to Asian markets, is well positioned to meet strong and growing LNG demand across this region. Our focus remains on safe and reliable operations across our base business, disciplined capital allocation and delivering our projects. As Barossa ramps up and Pikka phase 1 comes online, Santos is well positioned to deliver production growth within the $45 to 50 per barrel all-in free cash flow break even target range for the business. This will set Santos up to deliver sustainable, long-term value and competitive shareholder returns.

What's next for Santos?

Santos reaffirmed its full-year 2026 guidance for production between 101–111 mmboe and capital expenditure of around US$1.95–2.15 billion. Key project ramp-ups are expected over coming quarters, including first sales oil from Pikka phase 1 and further Barossa production.

Looking forward, final investment decisions on optimisation and LNG expansion projects are progressing, and the company's ongoing focus will remain on reliability, disciplined spending and maximising returns as market conditions evolve.

Santos share price snapshot

Over the past 12 months, Santos shares have risen 25%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 12% over the same period.

View Original Announcement

The post Santos Q1 2026: Higher revenue, project ramp-up, steady guidance appeared first on The Motley Fool Australia.

Will the market be able to bounce back from this on Thursday? Here are five things to watch:

ASX 200 set to fall

The Australian share market looks set for a subdued session on Thursday despite a good night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.35% lower this morning. In the United States, the Dow Jones was up 0.7%, the S&P 500 rose 1.05% and the Nasdaq charged 1.65% higher.

Fortescue update

Fortescue Ltd (ASX: FMG) shares will be on watch on Thursday when the iron ore giant releases its third-quarter update. The market is expecting the miner to report iron ore shipments of approximately 49Mt for the three months. In addition, all eyes will be on its costs after the surge in diesel prices following the war in the Middle East.

Oil prices rise

ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session on Thursday after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 3.1% to US$92.45 a barrel and the Brent crude oil price is up 2.9% to US$101.31 a barrel. This was driven by news that Iran has seized container ships in the Strait of Hormuz.

DroneShield shares rated as a buy

DroneShield Ltd (ASX: DRO) shares are in the buy zone according to analysts at Bell Potter. In response to the counter-drone technology company's quarterly update, the broker has retained its buy rating and $4.80 price target on DroneShield's shares. It said: "At 43x CY26e EV / EBITDA, DRO trades at a discount to the global drone peer group. Further, we see upside risk to our revenue forecasts in CY26/27e, given the opportunities observed in the C-UAS industry."

Gold price rises

ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session on Thursday after the gold price pushed higher overnight. According to CNBC, the gold futures price is up 0.75% to US$4,754.8 an ounce. Traders were buying gold after a drop in Treasury yields.

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

Will the market be able to bounce back from this on Wednesday? Here are five things to watch:

ASX 200 to fall

The Australian share market looks set to fall on Wednesday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 69 points or 0.75% lower. In the United States, the Dow Jones fell 0.6%, the S&P 500 dropped 0.6%, and the Nasdaq also fell 0.6%.

Oil prices rise

It looks like ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 2.5% to US$89.59 a barrel and the Brent crude oil price is up 3.5% to US$98.83 a barrel. This appears to have been driven by doubts over US-Iran peace talks.

BHP Q3 update

All eyes will be on BHP Group Ltd (ASX: BHP) shares on Wednesday when the mining giant releases its third-quarter update. According to a note out of Morgans, its analysts are forecasting WAIO shipments of 67.5Mt. This will be down 1% on the prior corresponding period and 12% quarter on quarter due to the impacts of Cyclone Narelle. The broker will also be looking out for updates on its diesel supply.

Gold price drops

ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a poor session on Wednesday after the gold price tumbled overnight. According to CNBC, the gold futures price is down 2.2% to US$4,720.6 an ounce. A stronger US dollar and inflation concerns weighed on the precious metal. Northern Star will also be releasing its quarterly update.

Buy Hub24 shares

Bell Potter thinks investors should be buying Hub24 Ltd (ASX: HUB) shares following their 8% decline on Tuesday. This morning, the broker has retained its buy rating on the investment platform provider's shares with a trimmed price target of $110.00 (from $120.00). It said: "Following the update we have downgraded our EPS estimates -1%/-2%/-2% with the miss dampened from mark-to-market impacts. FY27 Platform FUA guidance of $160- 170bn remains in play, with revised forecasts landing on the lower end of that range. A pickup in sentiment would likely push outcomes the other way. Acquisition of the superannuation fund trustee is also expected to have a limited influence on EBITDA line. For these reasons, we expect the multiple gap to peers can close over time."

The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.

Will the market be able to build on this on Tuesday? Here are five things to watch:

ASX 200 set to rise

The Australian share market looks set for a positive session on Tuesday despite a poor start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 28 points or 0.3% higher. On Wall Street, the Dow Jones was down slightly, the S&P 500 fell 0.25%, and the Nasdaq dropped 0.25%.

Oil prices rise

It could be a good session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 5.8% to US$88.73 a barrel and the Brent crude oil price is up 5.3% to US$86.95 a barrel. Rising tensions in the Strait of Hormuz sent oil prices charging higher.

Buy WiseTech shares

The team at Bell Potter remains bullish on WiseTech Global Ltd (ASX: WTC) shares. This morning, the broker has retained its buy rating on the logistics solutions technology company's shares with a trimmed price target of $78.85 (from $83.75). It said: "We note that WiseTech is currently trading at >30% discount to Technology One on an EV/EBITDA basis in both FY26 and FY27. While we believe some sort of discount is now warranted, we believe the current discount is excessive given WiseTech has greater forecast earnings growth over the medium term and also a similar strong competitive moat due to 30 years of proprietary data, deeply embedded software and high switching costs."

Gold price falls

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a subdued session on Tuesday after the gold price pulled back overnight. According to CNBC, the gold futures price is down 0.9% to US$4,835.2 an ounce. US-Iran tensions and a stronger US dollar put pressure on the gold price.

Rio Tinto Q1 update

Rio Tinto Ltd (ASX: RIO) shares will be on watch on the ASX 200 on Tuesday when the mining giant releases its first-quarter update. According to a note out of Morgans, its analysts are expecting Pilbara iron ore shipments of approximately 71.3Mt. This will be down 20% quarter on quarter and short of the consensus estimate of 77.8Mt. Elsewhere, a mixed result is expected for Rio Tinto's copper operations.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

Will the market be able to bounce back on Monday? Here are five things to watch:

ASX 200 expected to jump

The Australian share market looks set for a strong start to the week following a good finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 82 points or 0.85% higher. In the United States, the Dow Jones was up 1.8%, the S&P 500 rose 1.2%, and the Nasdaq jumped 1.5%.

Oil prices crash

It could be a poor start to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices crashed on Friday night. According to Bloomberg, the WTI crude oil price was down 11.45% to US$83.85 a barrel and the Brent crude oil price was down 9.1% to US$90.38 a barrel. This was driven by news that the Strait of Hormuz is open again. However, conflicting news over the weekend could mean oil prices reverse these declines when Asian markets open.

TechnologyOne shares downgrade

TechnologyOne Ltd (ASX: TNE) shares are fairly valued according to analysts at Bell Potter. This morning, the broker has downgraded the enterprise software provider's shares to a hold rating with an improved price target of $31.00 (from $29.00). It said: "We downgrade our recommendation on Technology One from BUY to HOLD given the rally in the share price to above our target price. We believe the stock now looks fairly valued on FY26 and FY27 EV/EBITDA multiples of c.32x and 28x which [we] note are the highest in our coverage of S&P/ASX 100 technology stocks and well above that of WiseTech Global on c.22x and 18x."

Gold price rises

ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price stormed higher on Friday night. According to CNBC, the gold futures price was up 1.5% to US$4,879.6 an ounce. This was also driven by the reopening of the Strait of Hormuz. It is possible this gain could also reverse in Asian trade today.

Netwealth given accumulate rating

In response to its quarterly update, Morgans has put an accumulate rating on Netwealth Group Ltd (ASX: NWL) shares with a $29.00 price target. It said: "Despite ongoing volatility and uncertainty tied to a US/Middle East conflict and a potential resolution, market momentum has recovered from peak pessimism in the March Quarter, with the ASX All Ordinaries +5.6% month-to-date in April'26, which will have seen FUA growth momentum improve post quarter end. Looking through this near-term volatility NWL remains on track deliver solid growth FY26F and well placed to capitalised on the long runway of opportunity ahead. We retain our ACCUMULATE rating, with a Price target of $29.00/sh."

The post 5 things to watch on the ASX 200 on Monday appeared first on The Motley Fool Australia.

Will the market be able to bounce back from this on Friday and end the week on a high? Here are five things to watch:

ASX 200 expected to fall

The Australian share market looks set to edge slightly lower on Friday despite a decent night in the United States. According to the latest SPI futures, the ASX 200 is expected to open 12 points or 0.15% lower this morning. On Wall Street, the Dow Jones was up 0.25%, the S&P 500 rose 0.25% and the Nasdaq climbed 0.35%.

Oil prices rise

It could be a good finish to the week for ASX 200 energy shares such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 2.1% to US$93.19 a barrel and the Brent crude oil price is up 1.7% to US$89.65 a barrel. This was driven by concerns over Iran-US peace talks and the Strait of Hormuz.

Zip results

Zip Co Ltd (ASX: ZIP) shares will be on watch today when the buy now pay later provider releases its eagerly anticipated third-quarter update. According to a note out of Citi, its analysts are expecting Zip to announce an improved US net transaction margin despite rising bad debts as a percentage of total transaction value.

Gold price edges lower

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Newmont Corporation (ASX: NEM) could have a subdued finish to the week after the gold price edged lower overnight. According to CNBC, the gold futures price is down 0.25% to US$4,810.9 an ounce. Inflation and rate hike fears continue to weigh on the precious metal.

Buy Netwealth shares

Netwealth Group Ltd (ASX: NWL) shares could be good value according to Bell Potter. In response to the investment platform provider's quarterly update, the broker has retained its buy rating and $30.00 price target on its shares. It said: "Following the update, we have downgraded our EPS estimates -1% contained within FY27 and driven by steadier average FUA balances and take-rates. Our Buy rating is unchanged. NWL has de-rated to trade on 28x forward EBITDA consistent with prior risk off environments and compares to 33x through-the-cycle. We would expect the earnings catalysts and sentiment exposure to drive enhanced shareholder returns."

The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.

But the decline has barely dented gains made this year. For the year-to-date Santos shares have stormed 24% higher and they're up 39% from 12 months ago.

Rising oil prices have acted as a strong tailwind for Santos shares so far in 2026. Conflict in the Middle East has severely restricted global oil supply causing oil prices to become incredibly volatile. 

Trading Economics data shows that earlier this month the price of WTI crude oil surpassed the US$115 mark. While it has dropped back to just over US$91 per barrel at the time of writing, it is still nearly double its value earlier in the year.

Ongoing conflict in the Middle East, tighter oil supply and higher prices could continue to act as a tailwind for Santos going forward. But the situation is incredibly unstable and it's not clear how it will progress from here.

In the near term, I think geopolitical uncertainty will push Santos shares from strength to strength, but there are also three other reasons why I think the ASX energy shares are a screaming buy right now.

1. Santos production is ramping up

In January, Santos announced that its FY25 fourth quarter production was up 15% on the prior quarter which brought full year production to the upper end of guidance at 87.7 million barrels of oil equivalent (mmboe).

Santos is guiding production of 101-111 mmboe for FY26, which represents a significant 25% (or higher) potential uplift year-on-year.

2. Cash flow is improving

As production ramps up, Santos projects are producing steady cash volumes. In January, the Adelaide-based oil and gas company revealed that its quarterly cash flow was around $380 million, up 30% on the prior quarter. This also brought cash flow for the full year to about $1.8 billion.

At the time, the company said it had a cash flow breakeven target of $45-$50 per barrel of oil (far below current values) for the current year, which "will position Santos over the next few years to deliver sustainable results and provide strong returns for our shareholders".

3. Analysts are tipping attractive upside

TradingView data shows analysts are mostly very bullish on Santos shares over the next 12 months.

Out of 14 analysts, 11 have a buy or strong buy rating on the energy shares. The average target price is $8.47, which implies a potential 10.7% upside at the time of writing. But some think the shares could jump another 34% to $10.17 a piece.

The post 3 reasons why Santos shares are a screaming buy right now appeared first on The Motley Fool Australia.

Will the market be able to build on this on Thursday? Here are five things to watch:

ASX 200 set to open flat

The Australian share market looks set for a subdued session on Thursday despite a relatively good night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day flat this morning. In late trade in the United States, the Dow Jones is down 0.25%, the S&P 500 is up 0.6% and the Nasdaq is 1.2% higher.

Buy Evolution Mining shares

Bell Potter thinks investors should be buying Evolution Mining Ltd (ASX: EVN) shares. This morning, the broker has retained its buy rating on the gold miner's shares with a trimmed price target of $16.45. It said: "EVN offers effectively unhedged gold and copper exposure via a portfolio of high quality, long-life assets in Tier 1 jurisdictions, overseen by a high-quality management team. EVN has stated its intention to pass growing free cash flows on to shareholders."

Oil prices mixed

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a subdued session on Thursday after oil prices traded mixed. According to Bloomberg, the WTI crude oil price is up 0.1% to US$91.30 a barrel and the Brent crude oil price is down 0.1% to US$88.12 a barrel. Traders appear to be waiting to see what happens with US-Iran peace talks.

Nufarm shares rated as a buy

Nufarm Ltd (ASX: NUF) shares could continue to rise after surging 11% on Wednesday. That's the view of analysts at Bell Potter, who have put a buy rating and $3.60 price target on the agricultural chemicals company's shares. It said: "NUF has provided a trading update, highlighting +16-19% YoY growth in 1H26 uEBITDA and a deleveraging of the balance sheet slightly ahead of expectations."

Gold price softens

ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a soft session on Thursday after the gold price dropped overnight. According to CNBC, the gold futures price is down 0.65% to US$4,817.9 an ounce. Traders continue to wait for news from the US-Iran peace talks before making any major moves.

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 to rise again

The Australian share market looks set to rise again on Wednesday following a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 47 points or 0.5% higher. In the United States, the Dow Jones rose 0.65%, the S&P 500 climbed 1.2%, and the Nasdaq jumped 1.95%.

Oil prices sink

ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a poor session after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 6.95% to US$92.20 a barrel and the Brent crude oil price is down 4.4% to US$88.85 a barrel. The catalyst for this was optimism that a US-Iran peace deal could be on the way.

Telix shares on watch

Telix Pharmaceuticals Ltd (ASX: TLX) shares will be on watch on Wednesday after the radiopharmaceuticals company announced a US$550 million convertible notes offering. The company's managing director and CEO, Dr. Christian Behrenbruch, said: "The refinance of the existing Convertible Bonds represents our proactive approach to capital management. The new Convertible Bonds will continue to provide the business with cost effective financing." Telix notes that the new convertible bonds represent attractive, low-cost financing and are non-dilutive until any potential future conversions occur. The initial conversion price will be at a premium to Telix's current share price.

Gold price rises

ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session on Wednesday after the gold price stormed higher overnight. According to CNBC, the gold futures price is up 2% to US$4,864.5 an ounce. This was driven by confirmation that a second round of US-Iran peace talks are taking place.

Mineral Resources shares downgraded

Morgans has downgraded Mineral Resources Ltd (ASX: MIN) shares this week. According to the note, the broker has reduced its rating to accumulate (from buy) and cut its price target to $67.00 (from $68.00). It said: "We have updated our 2H26 forecasts to reflect weather impacts in 3Q26, which we expect to have a modest effect on Onslow iron ore shipments, alongside minor increases to cost and capex assumptions driven by inflation in shipping and fuel."

The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.

Will the market be able to bounce back on Tuesday? Here are five things to watch:

ASX 200 set to jump

The Australian share market looks set for a strong session on Tuesday following a positive start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 122 points or 1.35% higher. On Wall Street, the Dow Jones was up 0.6%, the S&P 500 rose 1%, and the Nasdaq pushed 1.2% higher.

Oil prices rise

It could be a good session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 1.5% to US$98.00 a barrel and the Brent crude oil price is up 3.4% to US$98.39 a barrel. Traders were buying oil after the US blockaded Iranian ports.

Buy Pro Medicus shares

The team at Bell Potter remains bullish on Pro Medicus Ltd (ASX: PME) shares following the announcement of a new contract renewal. In response, the broker has retained its buy rating and $226.00 price target. It said: "Longer term, the outlook remains strong with PME FY27 exam revenues expected to benefit from full period benefit of implementations in the current half including the two largest cohorts of the Trinity Health contract plus the Big Bang implementation at U. Colorado covering radiology and cardiology"

Gold price falls

ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a relatively subdued session on Tuesday after the gold price fell overnight. According to CNBC, the gold futures price is down 0.5% to US$4,763.3 an ounce. A stronger US dollar put pressure on the precious metal.

Hold A2 Milk shares

On Monday, A2 Milk Company Ltd (ASX: A2M) shares crashed 13% following a guidance downgrade. This morning, Bell Potter has responded by retaining its hold rating with a reduced price target of $8.35 (from $9.55). It said: "While some of the issues are likely to be temporary in nature (such as elevated air freight) they may well persist into 1Q27e as in-market inventory levels are restored. The deterioration in FY26e margin expectations, when supply chain issues were flagged by SM1 in Feb'26 and are now below Aug'25 guidance levels on a higher revenue base is somewhat concerning, given returning ingredient COG inflation."

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

In late morning trade on Monday, the ASX 200 is down 0.4%, while the S&P/ASX 200 Energy Index (ASX: XEJ) is up 2.8%.

Here's how these leading Australian oil and gas producers are tracking at this same time:

• Woodside Energy Group Ltd (ASX: WDS) shares are up 3.6%
• Santos Ltd (ASX: STO) shares are up 2.7%
• Beach Energy Ltd (ASX: BPT) shares are up 5.6%
• Karoon Energy Ltd (ASX: KAR) shares are up 6.0%

Now, here's why investors are flocking to the energy sector today.

ASX 200 energy stocks lift off on unsuccessful peace talks

Aussie investors went into the weekend with hopes, albeit faint ones, that peace talks between the US and Iran might lead to a rapid end to the war.

By market open this morning, investors knew that those talks had failed to reach an agreement. Investors also learned that a disappointed President Donald Trump said the US will now implement a blockade on all ships using Iranian ports. That blockade will reportedly commence on Monday night Aussie time.

With the potential loss of some two million barrels a day of Iranian oil that had still be passing through the Strait of Hormuz, global oil and gas prices rocketed on the news, offering a boost to ASX 200 energy stocks like Santos and Woodside shares today.

Brent crude oil is up 7.7% overnight, currently trading back at US$102.54 per barrel.

What are the experts saying?

Commenting on the expected US blockade on vessels using Iranian ports, Mona Yacoubian, director of the Middle East Program at the Center for Strategic and International Studies, said (quoted by Bloomberg):

It strikes me that that is quite an ambitious endeavour, and it doesn't solve the problem of disruption… Experience suggests that the Iranians will not concede but will respond in kind.

Haris Khurshid, chief investment officer at Karobaar Capital, noted that investors may have been overly optimistic heading into the peace talks, which is pressuring the broader market today while lifting ASX 200 energy stocks.

"The market got ahead of itself on de-escalation," Khurshid said.

Prior to the blockade announcement, Dionissios Kontos, co-founder of Meyka AI, sounded a moderately positive note.

"The nuance is worth watching," Kontos said. "Iran's foreign ministry left the door open for further talks, so this isn't a full collapse, just prolonged uncertainty."

How have these ASX 200 energy stocks been tracking?

With the overnight surge in global energy prices, the Brent crude oil price is up 68.5% in 2026.

Here's how the above four ASX 200 energy stocks have performed year to date (compared to a 2.4% gain posted by the benchmark index):

• Woodside shares are up 45.7%
• Santos shares are up 31.8%
• Beach Energy shares are up 9.6%
• Karoon Energy shares are up 35.6%

The post How ASX 200 energy stocks like Woodside and Santos are surging in Monday's sinking market appeared first on The Motley Fool Australia.

Will the market be able to bounce back on Monday? Here are five things to watch:

ASX 200 expected to jump

The Australian share market looks set for a strong start to the week despite a mixed finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 70 points or 0.75% higher. In the United States, the Dow Jones was down 0.55%, the S&P 500 dropped 0.1%, and the Nasdaq rose 0.35%.

Oil prices ease

It could be a subdued start to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices eased on Friday night. According to Bloomberg, the WTI crude oil price was down 1.23% to US$96.57 a barrel and the Brent crude oil price was down 0.75% to US$112.57 a barrel. This may have been driven by optimism over peace talks between the US and Iran.

Dividends being paid

A couple more ASX 200 shares will be rewarding their shareholders with dividend payments on Monday. This includes hearing solutions company Cochlear Ltd (ASX: COH) and auto listings giant CAR Group Limited (ASX: CAR). They will be paying partially franked dividends of $2.15 per share and 42.5 cents per share, respectively, later today.

Gold price slides

ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a soft start to the week after the gold price fell on Friday night. According to CNBC, the gold futures price was down 0.65% to US$4,787.4 an ounce. This may also have been driven by news of peace talks between the US and Iran.

Hold Orora shares

Morgans isn't a buyer of Orora Ltd (ASX: ORA) shares despite their heavy decline last week. The broker has retained its hold rating with a heavily reduced price target of $1.55 (from $2.30). It prefers fellow packaging company Amcor (ASX: AMC) and has a buy rating and $76.00 price target on its shares. It said: "Given the ongoing uncertainty surrounding the conflict in the Middle East, visibility on the timing of a potential restart at the RAK facility remains limited. In addition, global consumer confidence and spirits demand have already been negatively affected by the conflict and may remain subdued for some time, even in the event of a near-term resolution. Given this uncertainty, we believe it is prudent to await further updates before reassessing our view. Within the Packaging sector, our preference remains Amcor (AMC, BUY, $76.00 TP)."

The post 5 things to watch on the ASX 200 on Monday appeared first on The Motley Fool Australia.

Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:

ASX 200 expected to edge lower

The Australian share market looks set to edge lower on Friday despite a decent night in the United States. According to the latest SPI futures, the ASX 200 is expected to open 5 points lower this morning. On Wall Street, the Dow Jones was up 0.6%, the S&P 500 rose 0.6% and the Nasdaq climbed 0.8%.

Oil prices rebound

It could be a good finish to the week for ASX 200 energy shares such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 4.65% to US$98.80 a barrel and the Brent crude oil price is up 2% to US$96.68 a barrel. This was driven by concerns over the US-Iran ceasefire sticking.

Buy Life360 shares

Life360 Inc (ASX: 360) shares could be undervalued according to analysts at Bell Potter. This morning, the broker has retained its buy rating with a trimmed price target of $35.50. It said: "There is, therefore, some risk around the Q1 result – scheduled to be released on 12th May – and the potential of a downgrade or softening of the global MAU growth target though, on the flip side, reiteration of the guidance could be taken positively as it would show confidence in the outlook."

Gold price rises

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Newmont Corporation (ASX: NEM) could have a decent finish to the week after the gold price rose slightly overnight. According to CNBC, the gold futures price is up 0.2% to US$4,785.9 an ounce. Ceasefire concerns and the release of US inflation data were behind the rise.

Buy Northern Star shares

Northern Star Resources Ltd (ASX: NST) shares could be cheap according to Bell Potter. Ahead of the release of its quarterly update and following the announcement of a share buyback, the broker has retained its buy rating and $35.00 price target. It said: "The buy-back has minimal impact on our EPS estimates going forward, however the signalling of value in the underlying business is of more importance. As noted above, we see NST as hitting the bottom of production and earnings downgrades, with some margin compression to come from the impact of fuel prices."

The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.

This follows a substantial sell-off for ASX 200 energy shares yesterday.

On Wednesday, the S&P/ASX 200 Energy Index (ASX: XEJ) dropped 7.3% after the US and Iran agreed to a two-week ceasefire.

The rest of the market celebrated the news, with the benchmark S&P/ASX 200 Index (ASX: XJO) finishing the session 2.8% higher.

Today, we've seen a reversal of trends.

ASX 200 energy shares are up 2.4% while the ASX 200 is down 0.05%.

Oil prices have also rebounded today after a sharp fall yesterday.

Brent Crude is currently up 2.7% to US$97.35 per barrel.

Why are ASX 200 energy shares leading the market today?

There is uncertainty in the market as investors wonder how fresh Israeli strikes on Lebanon will impact the ceasefire.

Meanwhile, the Strait of Hormuz remains largely obstructed.

As part of the ceasefire deal, Iran agreed to allow safe passage of shipping through the Strait, coordinated by its armed forces.

On Thursday, Trading Economics analysts said:

Iranian media reported that oil tanker traffic through the strait had been suspended following the attacks, amid disputes between Tehran and the American-Israeli side over whether the truce extends to Lebanon.

A senior Iranian official also stated that three provisions of the ceasefire agreement have already been breached.

Meanwhile, US Vice President JD Vance said there are indications the strait may begin reopening as he leads a US delegation to Islamabad for direct talks with Iran this weekend.

The Strait of Hormuz is not technically closed.

However, shipping companies have chosen not to sail through it for fear of Iranian attacks and a lack of insurance coverage.

About 20% of global crude oil and gas is shipped via the Strait.

The war has triggered the worst oil shock since the 1970s.

ASX 200 energy shares whipsaw on ceasefire tensions

Let's take a look at what's happened with the market's largest ASX 200 energy shares over the past two days.

On Wednesday, the Woodside Energy Group Ltd (ASX: WDS) share price plummeted 10.4% to close at $32.06.

Today, Woodside shares have regained 3.8% to $33.29, at the time of writing.

Yesterday, the Santos Ltd (ASX: STO) share price fell 4.6% to $7.76. Today, Santos shares are 2.5% higher at $7.95.

The Karoon Energy Ltd (ASX: KAR) share price dropped 13.4% to $1.90 on Wednesday.

Today, Karoon Energy shares are $1.98, up 4.3%.

Ampol Ltd (ASX: ALD) shares fell 4.2% yesterday to $32.12, but today they're up 3.6% to $33.26.

The Viva Energy Group Ltd (ASX: VEA) share price tanked 9.1% to $2.42 yesterday.

Today, Viva Energy shares are $2.49 apiece, up 2.7%.

ASX 200 coal share Yancoal Australia Ltd (ASX: YAL) fell 9.8% to $7.49 on Wednesday.

Today, Yancoal shares are in the red again, down 0.1% to $7.48.

The New Hope Corporation Ltd (ASX: NHC) share price dropped 9.6% to $5.30 yesterday.

On Thursday, New Hope shares are slightly higher, up 0.2% to $5.31.

The post ASX 200 energy shares whipsaw amid fragile ceasefire appeared first on The Motley Fool Australia.

Will the market be able to build on this on Thursday? Here are five things to watch:

ASX 200 set to fall

The Australian share market looks set to fall on Thursday despite a good night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 24 points or 0.25% lower this morning. In the United States, the Dow Jones rose 2.85%, the S&P 500 jumped 2.5% and the Nasdaq stormed 2.8% higher.

CSL shares given hold rating

Bell Potter still thinks it is too early to buy CSL Ltd (ASX: CSL) shares. This morning, the broker has retained its hold rating on the biotherapeutics giant's shares with a $155.00 price target (from $175.00). It said: "The current share price reflects a materially de-rated PE multiple of ~15x our FY27 NPAT forecast, bringing CSL in line with the global biopharma peer set which also trades at an avg PE of 15x. While CSL doesn't face the same extent of generic/biosimilar competition as these biopharma peers, it does have a lower growth outlook of ~2.5% revenue CAGR (3yr) per our forecast compared to >4% avg for global peers."

Oil prices sink

ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a subdued session on Thursday after oil prices crashed overnight. According to Bloomberg, the WTI crude oil price is down 14.6% to US$96.42 a barrel and the Brent crude oil price is down 12% to US$96.19 a barrel. This has been driven by the signing of a ceasefire agreement between the US and Iran.

Dividend payday

Today is payday for shareholders of a number of ASX 200 shares. This includes CSL, Capricorn Metals Ltd (ASX: CMM), Qube Holdings Ltd (ASX: QUB), Brambles Ltd (ASX: BXB), SGH Ltd (ASX: SGH), Atlas Arteria Group (ASX: ALX), and NRW Holdings Limited (ASX: NWH). CSL will be rewarding its shareholders with a $1.81 per share dividend later today.

Gold price lifts

ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session on Thursday after the gold price pushed higher overnight. According to CNBC, the gold futures price is up 1.3% to US$4,748.1 an ounce. Traders appear to believe that falling oil prices could limit interest rate hikes, which would be good news for the precious metal.

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

He describes what he calls a "double-sided ceasefire" contingent on Iran opening the Strait of Hormuz to allow oil supplies to flow back through.

The latest update has renewed hopes that the two nations may be moving toward a ceasefire agreement to end the conflict.

The announcement saw the price of WTI crude oil plummet below US$95 per barrel this morning, down from over US$117 per barrel yesterday, according to Trading Economics data.

The prices for Brent oil, gasoline, and heating oil have also dropped significantly.

The latest market shift has acted as a tough headwind for ASX oil and gas or energy shares this morning, with many opening in the red.

These are the stocks to watch today.

Woodside Energy Group Ltd (ASX: WDS)

Woodside shares have crashed 10.7% this morning, to $31.97 a piece. Today's share price drop follows a steep share price rally during the first three months of 2026, which accelerated significantly since the conflict between the US and Iran ramped up in late February. 

Woodside shares spiked to a multi-year high of $34.93 at the close of the ASX on Tuesday, having jumped over 51% since the start of 2026.

Santos Ltd (ASX: STO)

Santos shares have dropped 6% in Wednesday morning trade, after news that a reprieve in global oil restrictions saw investors sell up their shares. The Australian oil and gas exportation and production company's shares are changing hands for $7.60 a piece at the time of writing.

Santos shares spiked to a four-year high of $8.08 at the close of the ASX yesterday afternoon, having jumped 31.5% since the markets opened on the 2nd of January.

Beach Energy Ltd (ASX: BPT)

Beach Energy shares are also suffering in early morning trade. At the time of writing, the Australian oil and gas exploration and production company's shares are down 7.1% to $1.21 a piece.

The shares jumped over 20% in March alone, but after this morning's sell-off, they're trading 0.8% below where they were this time last year.

Ampol Ltd (ASX: ALD)

The Australian petroleum company is the largest transport energy distributor and retailer in Australia, with more than 1,800 Ampol-branded service stations across the country as of June 2025. Unsurprisingly, news that the US and Iran could be reaching a peace deal has resulted in a sharp drop in its share price.

At the time of writing, Ampol shares are down 4.2% to $32.03 each; however, they are still up 13.7% since the war escalated in late February.

Viva Energy Group Ltd (ASX: VEA)

Viva Energy Australia is a listed Australian company that owns the Geelong Oil Refinery and is licensed to retail Shell-branded fuels across Australia under a licence agreement. It also owns and retails fuel through Coles Express, OTR, Reddy Express, Liberty Oil, and Westside Petroleum-branded service stations. 

Like Ampol, its share price is suffering from downward pressure from lower oil prices this morning. At the time of writing, Viva shares have crashed 9.9% to $2.38. Viva shares have soared, however, over the past 5 weeks. Even after this morning's decline, the share price is 34.5% higher than in late February. 

The post ASX shares to watch as oil price crashes appeared first on The Motley Fool Australia.

They are under heavy selling pressure on Wednesday morning.

At the time of writing, Santos shares are down approximately 6%, while Woodside shares have tumbled around 11%.

Why are Santos and Woodside shares under pressure?

The key driver behind the sharp declines is a sudden and significant drop in oil prices.

According to CNBC, oil prices sank after US President Donald Trump agreed to suspend attacks on Iran for two weeks. This is in exchange for Tehran allowing a safe passage through the Strait of Hormuz.

Approximately 20% of global oil supply passes through the Strait under normal conditions.

This is a major shift in sentiment and great news for the global economy. In recent weeks, oil prices had surged to US$110.00 a barrel on fears that escalating conflict in the Middle East could disrupt global energy supplies.

But that risk has now been reduced, at least in the short term.

Why this matters for Santos and Woodside

Energy producers like Santos and Woodside are highly sensitive to movements in oil prices.

When oil prices rise, their revenue and earnings expectations typically increase. But when oil prices fall sharply, the opposite happens.

The scale of the move was significant. According to CNBC:

The West Texas Intermediate contract for May delivery fell more than 16% to $94.47 per barrel [and then] International benchmark Brent for June delivery lost more than 15% to $92.21 per barrel.

A double-digit percentage decline in oil prices in a single session is a major event. It forces investors to quickly reassess the earnings outlook for oil and gas companies.

That is why both Santos and Woodside shares are being sold off heavily today.

It also explains why fuel guzzlers like Qantas Airways Ltd (ASX: QAN) are roaring higher today.

A reminder of volatility

Today's moves highlight just how sensitive ASX energy shares can be to global events.

Santos and Woodside are not falling because of company-specific news. Instead, they are reacting to macroeconomic and geopolitical developments that directly impact commodity prices.

While the long-term outlook for energy demand may remain intact, short-term price swings like this can create sharp volatility in share prices.

Overall, it is a timely reminder that owning energy stocks often means riding the ups and downs of global oil markets.

The post Why are Santos and Woodside shares crashing today? appeared first on The Motley Fool Australia.

In morning trade, the Santos share price is down 5.44% to $7.65, after falling as low as $7.47 shortly after market open.

Even after today's pullback, the stock remains up roughly 24% since the start of 2026, reflecting what has still been a strong run.

Today's announcement highlighted another successful Alaska appraisal result, while also showing that two of Santos' biggest production projects remain on track.

Here's what the market is watching.

Alaska appraisal adds more momentum

According to the release, Santos has successfully completed the Quokka-1 appraisal well in Alaska's North Slope.

The well encountered a high-quality reservoir with 143 feet of net oil pay in the Nanushuk formation and delivered a strong flow rate of 2,190 barrels of oil per day during testing.

Management said the result further confirms the quality and scale of the Quokka resource, which sits close to the company's existing Pikka development.

Santos now expects the Quokka discovery could support a two-drillsite development comparable in size to Pikka phase 1, with contingent resource estimates and further appraisal work due during FY26.

Chief Executive Kevin Gallagher said the result further supports Santos' Alaska growth outlook.

He added:

The Quokka-1 results demonstrate the exceptional quality of the Nanushuk reservoir and confirm our geological assessment of this significant accumulation.

Pikka and Barossa updates support the bigger picture

The announcement also included progress updates on Santos' two major near-term production catalysts.

At Pikka phase 1, the project is now moving through its final commissioning stages.

The company said mechanical completion of commissioning activities is progressing well, fuel gas has been introduced to the plant, and first oil is expected in the coming weeks.

Santos is still targeting plateau production of 80,000 barrels per day by mid 2026.

Meanwhile, the Barossa LNG project continues moving toward full rates after recent commissioning constraints linked to the floating production storage and offloading vessel.

Santos said dry gas sales have already begun, with production restart expected around 18 April.

Together, these projects are expected to drive a significant lift in Santos' production across 2026 and 2027.

Earlier this year, Reuters reported that once Barossa LNG and Pikka phase 1 reach full rates, they could lift Santos' production by around 25% to 30% by 2027 compared with 2024 levels.

With a market capitalisation of about $24.9 billion, Santos remains one of the ASX energy sector's largest companies.

The post Santos shares sink 5% despite another strong Alaska result appeared first on The Motley Fool Australia.