[Market Focus] Oil Stocks Rally as International Oil Prices Surge 4%

On June 12, shares related to the oil industry showed strong gains in early trading as international oil prices surged by more than 4%.

As of 9:30 a.m. on this day, Korea Petroleum was trading at 13,080 won, up 850 won (6.95%) from the previous trading day. Joongang Enervis soared by 16.90%, and Heungkuk Petroleum also surged by 9.36%.

In addition, other oil refinery-related stocks such as S-Oil (2.39%), E1 (1.59%), and Daesung Industrial (2.75%) were also showing strength.

This rise was attributed to the increase in international oil prices amid heightened geopolitical tensions in the Middle East and the uncertainty surrounding the nuclear negotiations between the United States and Iran.

On this day, the front-month Brent crude futures on the ICE Futures Exchange closed at $69.77 per barrel, up $2.90 (4.34%) from the previous session. On the New York Mercantile Exchange, the front-month West Texas Intermediate (WTI) crude futures closed at $68.15 per barrel, up $3.17 (4.88%) from the previous session.

The sixth round of nuclear negotiations between the United States and Iran is scheduled to be held soon. The United States announced that the sixth round would take place on June 12, while Iran previously stated it would be held on June 15.