Korea's oil refining stocks were all strong early on the 10th. As geopolitical tensions between the United States and Iran intensified and pushed international oil prices above $100 a barrel, investors appeared to be flocking to domestic oil-related shares.
As of 9:37 a.m. that day on the KOSDAQ market, Hung-gu Oil(024060) was trading at 14,780 won, up 2,690 won (22.25%) from the previous session.
Other petroleum-related stocks also joined the rally. Joong Ang Enervis(000440) was up 1,530 won (12.41%), while SK Gas(018670) (5.57%), SK Innovation (4.04%), Daesung Industrial (2.01%), Kukdong Oil & Chemicals (1.97%), GS Holdings (0.98%), and E1 (0.41%) were also higher.
The surge in oil-related shares appeared to reflect a jump in oil prices amid rising military tensions in the Middle East. The previous day, the United States Central Command (CENTCOM) officially said it destroyed five Iranian oil tankers, and Iran claimed it launched a retaliatory ballistic missile attack on a U.S. military base in Jordan.
November Brent crude settled at $101.21 a barrel, up $3.29 (3.36%) from the previous session, closing above $100 for the first time since July 23. October West Texas Intermediate (WTI) also finished at $96.05 a barrel, up $3.02 (3.25%) from the previous session.