Sydney, Feb 4, 2026, 17:44 AEDT — Market closed
Santos ended Wednesday up 3.4% at A$7.04 on the Australian Securities Exchange, as energy names moved with firmer oil prices. About 14 million shares changed hands, above its three-month average of roughly 9.5 million, data from Investing.com showed.
Oil was the story. Brent and WTI extended gains after the United States shot down an Iranian drone and armed boats approached a U.S.-flagged vessel in the Strait of Hormuz, stirring fresh supply jitters. “Uncertainty about how these talks will play out means the market will likely continue to price in some risk premium,” ING commodity strategists said, using the term for the extra cushion traders build into prices when risks rise, while Satoru Yoshida at Rakuten Securities said “Heightened tensions in the Middle East provided support to the oil market.” Official inventory data from the U.S. Energy Information Administration is due later on Wednesday. Reuters
The broader market was mixed under the surface. The ASX 200 finished up 0.8%, and the energy sector gained about 3%, ABC News reported, while technology names were among the laggards.
There was no fresh Santos filing in the last couple of sessions. In late January, the company said it had loaded its first Barossa LNG (liquefied natural gas) cargo, and that remains the most recent headline update tied directly to the name, according to a listing of ASX notices.
Policy risk is still sitting in the background. Queensland last week awarded new gas exploration acreage to Santos and Drillsearch, as governments lean on producers to lift domestic supply. The move followed updated federal domestic gas reservation guidelines that, from 2027, would require 15% to 25% of gas from Queensland LNG projects to be directed to the local market, Reuters reported.
But oil trades on headlines and they can flip in a day. If tensions cool and crude gives back the recent risk premium, energy shares can lose altitude quickly.
With the market shut until Thursday, investors are likely to treat crude as the main overnight cue. A weaker oil tape would test Wednesday’s move; a firm one keeps it alive.
The next hard date on the calendar is earnings. TradingView lists Santos’ next report on Feb. 18, when traders will be looking for 2026 guidance, dividends and any update on major project ramp-ups.
