Domestic oil refining stocks are rising across the board early on the 13th. With international oil prices climbing sharply amid military confrontation between the United States and Iran, buying appears to be flooding into domestic refiners.
At 9:22 a.m., on the Korea Exchange, SK Innovation(096770) was trading at 112,400 won, up 9,500 won (9.23%) from the previous session. S-Oil(010950) and GS Holdings(078930) were also up 5.00% and 4.49%, respectively.
At the same time on the KOSDAQ, Hung-gu Oil(024060) was trading at 12,040 won, up 1,200 won (11.07%) from the previous session.
The early-session rally in domestic refiners appears to reflect armed clashes between the United States and Iran over the weekend. The two countries faced off head-on over control of the Strait of Hormuz, heightening geopolitical tensions.
Iran attacked a merchant ship transiting the strait and then declared it would blockade the Strait of Hormuz until U.S. involvement in the region ends. The United States responded by saying Iran violated the existing memorandum of understanding (MOU) and resumed airstrikes on key military bases in southern Iran.
As a result, the surge in international oil prices appears to have spurred investor sentiment toward domestic refiners.
Currently, West Texas Intermediate (WTI) for August delivery is up more than 3%.