As armed clashes between the United States and Iran intensified again and sent international oil prices surging, Korea's refinery-related stocks rose in early trading on the 2nd.
At 9:41 a.m. on the same day in the KOSDAQ market, Hung-gu Oil(024060) was trading at 11,330 won, up 10.97% from the previous trading day. At the same time, Joong Ang Enervis(000440) was also up 4.11% from the previous trading day at 12,170 won.
The strength of refinery stocks is seen as reflecting a surge in international oil prices after fighting resumed between the United States and Iran. As the United States carried out additional airstrikes against Iran two days later, the prospect of supply disruptions in the Strait of Hormuz, a key crude transport route, was raised.
On the 1st (local time) at the London ICE Futures Exchange, Brent crude for November delivery closed at $94.65 per barrel, up 4.60% from the previous trading day. On the New York Mercantile Exchange, West Texas Intermediate (WTI) for October delivery rose 5.20% to settle at $90.22 per barrel. Both Brent and WTI hit a record high for about five weeks.