Australia’s Energy Shares Post Record Quarter As Iran War Lifts LNG Exporters

Good morning. Markets are reacting to what might finally be some progress towards resolution amid the ongoing in Iran. The country said that it’s willing to end the war if certain requirements are met. Meanwhile, US President Donald Trump expressed his mounting frustration that the monthlong war is unresolved, calling on other nations to seize the Strait of Hormuz. That dragged oil prices lower and helped send US stocks higher. But it isn’t totally blue skies yet — Iran has kept up strikes on Israel and countries around the Persian Gulf. - Keira Wright, Bloomberg’s Australian Energy Reporter

Shares in Australia’s energy sector posted a record quarter to emerge as a regional outperformer, as the war in Iran tightens global fuel supplies and boosts liquefied natural gas exporters. Westpac expects the war will generate a multi-billion dollar windfall for the country, as higher coal and gas export prices boost revenues over the five years to 2030.