Shares of Woodside Energy Group (ASX:WDS) and Santos (ASX:STO) each rose around 1% in recent Wednesday trade, while Karoon Energy (ASX:KAR) gained 2% despite crude prices fell more than 11% on Tuesday, the steepest single-day drop since 2022, as hopes grew for a quick end to the US-Israel conflict with Iran and for safe passage through the Strait of Hormuz.
Brent crude futures fell 11% to $87.80 a barrel.
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