Oil theme stocks rose in early trading on the 17th as international oil prices jumped on mounting geopolitical risks.
Joongang Enervis shares were trading at 16,660 won on the Kosdaq at 9:13 a.m. that day, up 14.98% (2,170 won) from the previous day. Joongang Enervis is grouped as an oil theme stock as it sells petroleum products under an agency contract with SK Energy.
At the same time, Hung-gu Oil shares were at 13,780 won, up 10.24% (1,280 won).
Overnight on the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) for October settled at $64.52 per barrel, up 1.9% ($1.22) from the previous day. On ICE Futures in London, Brent for November also finished up 1.5% ($1.03) at $68.47 per barrel.
International oil prices have risen for three straight trading days recently. The trend is seen as the result of Ukraine continuing drone attacks targeting Russia's energy facilities since last month. Reuters reported that Transneft, Russia's state oil pipeline monopoly, warned that key export terminals and refineries were hit by Ukrainian drone attacks, forcing crude producers to cut output.
The tightening by U.S. President Donald Trump to block imports of Russian crude, and renewed geopolitical tensions in the Middle East due to Israel's strikes on Gaza, are also cited as reasons for rising international oil prices.