In early trading on the 23rd, oil refining stocks are broadly higher. Buying appears to be gathering after international oil prices surged again as the United States and Iran threatened to strike each other's key energy infrastructure.
As of 9:22 a.m., in the Korea Exchange, KIM ANKOR Oilfield Overseas Resources Development Fund is trading at 280 won, up 32 won (12.90%) from the previous trading day. At the same time, Hung-gu Oil is up 2,110 won (10.80%) at 21,650 won on the KOSDAQ market.
In addition, Joong Ang Enervis (4.27%) and Kukdong Oil & Chemicals (1.61%) are also rising.
On the 22nd (local time) on the New York Mercantile Exchange, West Texas Intermediate (WTI) May futures are trading at $98.65 per barrel as of 7:25 a.m. Korea time, up 0.53% from the previous trading day ($98.23). WTI's close on the 20th was $98.32, up 2.27% from the previous trading day.
Brent for May delivery jumped $3.54 (3.26%) to $112.19 on the 20th.
U.S. President Donald Trump wrote on the social media platform Truth Social on the 21st (local time), "If the Strait of Hormuz is not fully opened within 48 hours, the United States will obliterate Iran's various power plants by attacking them, starting with the largest power plant."
Iran also warned of retaliation. Iran's Spokesperson Ebrahim Zolfaghari said on the 22nd, "All power plants, energy infrastructure, and information and communications technology (ICT) facilities of the Zionist regime (Israel) will be targets of attack, and we will regard as legitimate targets and attack all power plants in Middle Eastern countries where U.S. military bases are stationed, as well as corporations in the Middle East in which the United States holds equity."
Tony Sycamore, a market analyst at U.K. financial corporations IG, said, "President Trump's threat has effectively installed a time bomb of uncertainty that will last 48 hours in the market," and predicted that oil prices would rise further on the 23rd if the ultimatum is not withdrawn.