Woodside Energy Drops After Oil Slide and Less Chatter on Possible Exxon Deal
Woodside Energy Group Ltd dropped hard Monday as oil prices moved lower, putting pressure on the shares even as the Australian market gained. The stock closed at A$29.46, down A$1.77 or 5.67%. Woodside traded in a range from A$29.30 to A$31.23 during the session. While the S&P/ASX 200 rose 110 points, or 1.25%, to 8,914 on hopes that cheaper oil could ease inflation and rates, energy names struggled. The S&P/ASX 200 Energy index fell 5.58%, with Woodside leading the sector move lower. Oil prices fell hard. Brent and WTI dropped about 5% after the U.S. and Iran agreed to end hostilities and reopen the Strait of Hormuz, a key channel for oil and LNG cargoes. Reuters reported Brent down at