Early on the 17th, oil refining stocks are plunging across the board. Investor sentiment appears to have deteriorated as international oil prices fell sharply on expectations that the Strait of Hormuz will be reopened.
As of 9:44 a.m. that day on the Korea Exchange, KIM ANKOR Oilfield Overseas Resources Development Fund is trading at 295 won, down 24 won (7.52%) from the previous trading day.
At the same time, Hung-gu Oil is also trading on the KOSDAQ market at 21,850 won, down 1,700 won (7.22%). In addition, Joong Ang Enervis (7.05%) and Kukdong Oil & Chemicals (2.86%) and other oil refining-related stocks are weak.
After news came that some ships had passed through the Strait of Hormuz that day and U.S. President Donald Trump repeatedly emphasized his intention to lift the blockade, international oil prices fell by more than 5%.
On the 16th (local time), May delivery Brent crude futures closed at $100.21 per barrel, down 2.84% from the previous trading day. April delivery West Texas Intermediate (WTI) futures also closed at $93.5 per barrel, down 5.28% from the previous trading day.
Energy consultancy Ritterbusch and Associates said in a report that "reports that some tankers are passing through the Strait of Hormuz and President Trump's request to support tanker escorts are pushing down oil prices."
U.S. Treasury Secretary Scott Bessent said in an interview with CNBC that day, "Iranian vessels have already left the strait, and we are allowing this to ensure oil supplies continue." Not only Iran but also Chinese, Indian, and Pakistani tankers are said to have passed through the Strait of Hormuz.