NEW YORK, March 12, 2026, 17:18 EDT
Woodside Energy Group Ltd’s U.S. shares booked an 11.5 cent gain, ending Thursday at $22.33. Oil’s latest climb, edging closer to that $100 per barrel mark, gave the Australian name renewed attention among traders. Fresh worries about Middle East supply drove energy stocks higher, even as the wider market pulled back.
The rally’s significance is clear: softer realized oil and gas prices dragged Woodside’s 2025 underlying profit down to $2.65 billion, compared to $2.88 billion last year. Still, robust production numbers meant the company beat analyst estimates. Woodside reported its Scarborough project reached 94% completion and remains set to deliver first LNG—liquefied natural gas, gas cooled for shipping—in the fourth quarter of 2026. KCM Trade’s Tim Waterer called a potential Louisiana LNG sell-down a “smart way to monetise a high-quality asset” and trim balance-sheet risk. Reuters
Woodside advanced 1.58% to A$30.90 in Sydney by 3 p.m. AEDT. Shares of Santos and Beach Energy moved higher as well. Energy names stood out as the sole gainers on the ASX 200, which slid 1.67% on the day.
Brent finished the session at $100.46 per barrel, jumping 9.2% after Iran ramped up its assaults on Middle East oil and transport infrastructure and declared the Strait of Hormuz would remain shut. “The market is seriously unbalanced,” said Jim Burkhard, vice president and global head of crude oil research at S&P Global Energy, adding that a return to normal supply won’t happen fast. Reuters
For Woodside, the Strait of Hormuz is critical—a slim passage connecting Gulf oil exporters to the rest of the world. The International Energy Agency has described the war’s impact as the largest oil supply disruption on record, projecting March supply to drop by 8 million barrels per day. Still, the agency noted that some producers may be able to boost shipments from April using alternative routes that avoid Hormuz.
Still, Woodside won’t see every extra dollar in spot crude flow right to the bottom line. Last month at its full-year briefing, the company pointed out it’s already hedged 18 million barrels of 2026 oil at roughly $70 a barrel—locking in some cash-flow stability, but also capping potential gains if crude stays strong.
That’s one reason the stock remains exposed if oil prices retreat as sharply as they soared. Goldman Sachs lifted its fourth-quarter Brent projection to $71 a barrel from $66 on Thursday, citing expectations of a lengthier Hormuz bottleneck. Still, that’s well under where Brent trades right now—Goldman appears to anticipate today’s surge will unwind as strategic reserves hit the market and supply lines recover.
This week, Woodside’s filings were mostly standard fare—no surprises in the mix, suggesting the share price shift sprang from broader market headlines, not company-specific developments. The ASX and company notices included a routine dividend currency update, plus Thursday’s updates: 11,183 ordinary shares issued after rights exercises, and 16,154 performance rights lapsing.
