Australian energy stocks soar as Israel-Iran conflict sends oil prices skyrocketing

The ASX, down more than four per cent in the first 30 minutes of trading, is in focus after the Australian Securities and Investments Commission revealed it was launching an inquiry into the financial market operator over “repeated and serious failures”.

Concerns have arisen about the ASX’s upgrade of its ageing computer system, and a series of technical failures caused by poor governance.

Energy stocks are once again surging with Boss Energy jumping 12.2 per cent, Deep Yellow adding 18.5 per cent and Paladin Energy rising 11.8 per cent.

Santos has spiked 12.6 per cent after Abu Dhabi National Oil Company made a $30 billion takeover offer for the Aussie giant.

The rise also comes after the conflict between Israel and Iran heating up as the IDF targets the Islamic Republic’s main gas depot and one of its largest oil refineries in separate strikes.

This followed Israel bombing Iranian nuclear facilities, and Tehran’s retaliation involving drone and missile attacks.

Oil prices in the US have jumped about 7.5 per cent since the conflict began.

Major indexes on Wall Street plunged after conflict kicked off on Friday.

The S&P 500 sank 1.1 per cent, the Dow Jones shed 1.8 per cent and the Nasdaq fell 1.3 per cent.

London’s FTSE 250 Index dropped one per cent on Friday, Germany’s Dax lost 1.1 per cent and the STOXX Europe 600 declined 0.9 per cent.

New Zealand’s NZX 50 is up 0.1 per cent on Monday, while Japan’s Nikkei 225 has added 0.9 per cent.