U.S. President Donald Trump is said to have the option to impose a tariff on Russian oil, prompting a rally in oil-related stocks on the morning of the 31st.
As of 9:34 a.m. on the 31st, Hung-gu Oil is trading at 13,220 won, up 2,020 won (18.04%) from the previous trading day in the KOSDAQ market.
Shares of Korean Oil, Joongang Enervis, and Kukdong Oil & Chemicals, which are considered oil-related stocks, are all on the rise.
The influx of buying in domestic oil-related stocks is interpreted as a response to news that U.S. President Trump may impose a second tariff on Russian oil. The second tariff refers to the tariff imposed on countries purchasing Russian oil.
According to NBC News, on the 30th (local time), President Trump noted that he would impose a second tariff on Russian oil if Russia does not agree to a ceasefire in the Ukraine war.
President Trump stated that "countries purchasing Russian oil will not be able to do business in the United States" and that "a 25% tariff will be imposed on all Russian oil."