Woodside Energy Group Ltd (ASX: WDS) stock price rose over 10% this week to AUD 30.79, due to geopolitical tensions threatening global oil supplies. The Iranian Revolutionary Guard announced the closure of the Strait of Hormuz, a critical chokepoint for about 20% of global oil transportation, and warned that any ships attempting to pass would be destroyed. Analysts warn that a prolonged closure of the strait could significantly drive up energy and commodity prices.
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Woodside Energy Group Ltd (ASX: WDS) stock price rose over 10% this week to AUD 30.79, due to geopolitical tensions threatening global oil supplies. The Iranian Revolutionary Guard announced the closure of the Strait of Hormuz, a critical chokepoint for about 20% of global oil transportation, and warned that any ships attempting to pass would be destroyed. Analysts warn that a prolonged closure of the strait could significantly drive up energy and commodity prices.