ASX Energy Jumps on Geopolitical Tension; Volumes Explode Across Oil & Gas Stocks

Aditi Sarkar

02 March 2026 03:24 PM AEDT

ASX Energy Jumps on Geopolitical Tension; Volumes Explode Across Oil & Gas Stocks

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Highlights

Karoon Energy rose 15.21% to $1.780 as crude prices moved higher.
Energy led sector gains with a 4.55% increase.
Brent briefly traded at US$82.37 during early Asian hours.
Santos recorded 19.98 million shares traded, up 259% on its 90-day average.
Gold climbed about 2.6% amid risk-off positioning.

Shifting sector performance and unusual trading activity across several ASX-listed companies highlighted changing market positioning, with energy stocks advancing while selected sectors faced pressure. The move in oil prices — driven by escalating tensions in the Middle East and disruption to tanker traffic through the Strait of Hormuz — coincided with notable gains across domestic oil and gas producers.

On Monday, the ASX energy sector recorded the strongest move, rising 4.55%, while Consumer Staples (+1.51%) and Materials (+1.16%) also moved higher.

Oil Price Spike Lifts ASX Energy Producers

Oil prices moved higher as the fallout from U.S. and Israeli military strikes on Iran flowed through global energy markets, with tanker traffic through the Strait of Hormuz heavily impacted and military activity continuing across the region.

In early Asian trade, Brent futures crossed the US$80 level, briefly reaching US$82.37, while WTI futures climbed past US$72 before easing to around US$71 at the time of writing. The move occurred alongside broader risk-off positioning, with S&P 500 and Nasdaq 100 futures indicating about a 1% decline and gold rising around 2.6%.

Against this backdrop, ASX-listed energy stocks recorded gains.

ASX Energy Stock Performance

These price moves occurred as higher crude prices and supply concerns directed market attention toward oil and gas producers.

90-Day Volume Outliers Highlight Trading Focus

Karoon Energy recorded the largest increase in activity with 13.09 million shares traded, up 425% on its 90-day average volume. Yancoal Australia (+320%) and Woodside Energy (+310%) also featured among the biggest volume changes.

Santos Limited (ASX:STO) saw trading rise 259% to 19.98 million shares, while Beach Energy Limited (ASX:BPT) increased 215% to 15.75 million shares. News Corporation (ASX:NWS) posted a 290% rise in volume to 422.47 thousand shares.

Outside the energy complex, Block, Inc. (ASX:XYZ) recorded activity up 199%, Flight Centre Travel Group Limited (ASX:FLT) rose 171%, Qantas Airways Limited (ASX:QAN) gained 151%, and Qube Holdings Limited (ASX:QUB) increased 139%.

Airlines and Defence-Linked Names in Focus

Higher oil price expectations placed fuel-cost-sensitive airlines, including Qantas and Virgin Australia, in focus due to potential input cost pressure and possible disruption to European routes.

Increased defence spending expectations highlighted companies linked to the theme, including Rolls-Royce, Rheinmetall and DroneShield, which provides counter-drone detection and mitigation systems.

FAQs

Why did ASX energy stocks rise?
They moved higher as crude oil prices increased amid supply disruption concerns and geopolitical tensions.

What happened to oil prices?
Brent briefly traded above US$80 and WTI moved past US$72 in early Asian trading before easing.

Which company recorded the largest daily gain among the energy names?
Karoon Energy posted the biggest percentage increase, rising 15.21%.

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