The Woodside Energy Group Ltd (ASX: WDS) share price has tumbled 4.66% in morning trade on Tuesday. At the time of writing the shares have dropped to $29.90 a piece.
Despite today’s decline, the ASX energy shares are still 26.37% higher for the year-to-date and 30.51% higher than this time 12 months ago.
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Why has the Woodside share price slumped today?
Rising oil prices have acted as a strong tailwind for Woodside shares over the past 10 days. Conflict in the Middle East has threatened the movement of oil in the region while shipping disruptions and production cuts caused prices to skyrocket to a multi-year high.
Trading Economics data shows that the price of WTI crude oil surged to a 4.5-year high of nearly…
