30 ASX oil juniors that gained ground after Trump’s Iran exit

At least 30 ASX oil juniors have enjoyed share price gains this week following Donald Trump’s withdrawal from the  Iran nuclear deal.

Iran is the world’s fifth biggest oil producer — and its output is expected to fall dramatically as US sanctions hit.

The price of WTI oil, the US benchmark, oil broke through $US70 for the first time in three and a half years this week (see price graph below).

Brent crude was trading above $US77 per barrel this morning reaching a high not seen since November 2014. On Wednesday, as tensions over President Trump’s withdrawal from the Iran nuclear deal increased, Brent saw its price rise 3 per cent.

>> Scroll down for an updated list of ASX oil juniors and their share price movements so far this week.

Bass Oil (ASX:BAS) says it’s getting prices not seen since 2014, and Fremont Petroleum (ASX:FPL) says strong prices mean it’s now cash flow positive.

In April, Bass’s Indonesian joint venture sold 17,958 barrels of oil at an average price of $US65.57 per barrel. Production for the month stood at 16,994 barrels.

That price was 9.6 per cent higher than in March.

Fremont said it produced 3336 barrels in April in total from two fields in Colorado and Kentucky — up 40 per cent on March after work-overs of producing wells bought some wells back on stream.

>> Here’s a list of ASX oil juniors and their share price movements so far this week.

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