Sydney, Feb 20, 2026, 17:26 AEDT — The market has closed.
- Woodside finished the session 1.2% higher, with oil prices rising amid fresh U.S.-Iran tensions.
- Energy shares pulled ahead, even with the broader ASX ticking down a bit.
- Attention now turns to Woodside’s upcoming full-year update next week, as investors look for any new guidance.
Woodside Energy Group Ltd WDS.AX closed up 1.2% at A$27.43 on Friday, with climbing oil prices helping to push energy stocks higher and wrapping up a solid week for the Australian market. The S&P/ASX200 edged down 0.05%. Santos STO.AX, meanwhile, dropped 0.9% to A$6.94 after the company reached a 10-year gas sales agreement with the South Australian government.
Oil’s been driving that push. Brent hovered at $71.91 a barrel Friday, while U.S. WTI traded close to $66.74. Traders are tacking on a “risk premium”—essentially, extra price padding—worried that conflict could disrupt shipments through the Strait of Hormuz. “Crude oil prices have edged to six-month highs as concerns over potential supply risks from the Strait of Hormuz keep markets on edge,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. Reuters
Woodside finds itself in a tricky spot—though the timing works in its favor, too. The company has slated Tuesday, Feb. 24 for its 2025 annual report drop and a detailed full-year update. There’s also a briefing with acting CEO Liz Westcott and CFO Graham Tiver on the agenda, complete with a Q&A.
Most of the gains landed Thursday. Woodside rallied close to 4%, while Santos jumped over 5%—a surge driven by stronger oil prices that buoyed the sector and sent Australia’s leading shares upward.
Woodside’s numbers aren’t just about oil for investors—they’re dissecting projects, too. Back in late January, the company warned that 2026 production will dip from a record 2025, pointing to scheduled work, including a significant Pluto LNG turnaround in Q2, and waiting on new Scarborough volumes. At last check, that project stood 94% done.
So that’s the immediate picture: this stock’s fortunes swing with global crude news, yet its calendar brings its own stew of guidance, maintenance, and delivery risk. Oil headlines can jolt sentiment in a flash. Then, project updates—those have the power to anchor or swing the mood for months.
The bullish scenario could unravel fast. Take away volatile headlines over the weekend, and oil’s geopolitical risk premium could fade just as quickly. Despite Brent’s gains—driven mostly by nervousness over the Hormuz strait—there’s no visible sign of a real shortage in the physical market. Inventories are holding up, and global supply hasn’t wavered, according to MarketWatch.
Crude sits in focus for traders heading into Monday, but attention quickly shifts to Woodside. Will buyers stick with WDS as their go-to local play on rising energy prices, or does the momentum sputter out right before next week’s results?
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