Santos Ltd shares hit 12-year high amid rising oil prices

Santos Ltd shares have reached a 12-year high of $9.04, marking a 47% increase year-to-date. The rally is largely attributed to rising global oil prices, which have climbed above US$95 per barrel following geopolitical tensions in the Middle East, specifically involving Iran and Saudi Arabia. These tensions have caused supply disruptions in the Strait of Hormuz, driving crude oil prices significantly higher than the previous year.

In addition to energy market trends, Santos' performance has been bolstered by strong half-year FY26 results, which showed a 2% year-on-year increase in sales revenue and a 1.7% rise in production volumes. While the company has faced criticism regarding its climate action targets and Scope 3 emissions, brokers maintain a strong buy rating on the stock.

Separately, Aristocrat Leisure Ltd has also seen growth, with its share price increasing 8.7% since the start of 2025.