[Market Focus] Heungkuk Oil Surges 22% as Israel-Iran Conflict Escalates

Energy-related stocks, including Heungkuk Oil, are showing strong performance in the domestic stock market on June 16, as international oil prices have surged following Israel's airstrike on Iran.

As of 9:32 a.m. on Monday, shares of Heungkuk Oil were trading at 19,470 won per share, up 21.99% from the previous trading day. Immediately after the market opened, the price even surpassed the 20,000 won mark per share.

At the same time, Korea Oil rose by 18.28%, and Joongang Enervis jumped by 10.32%. Daesung Energy also recorded a gain of over 10%. Liquefied petroleum gas (LPG) related stocks such as SK Gas and E1 were also up by 2-3%.

This is a result of heightened geopolitical risks in the Middle East, which have driven international oil prices sharply higher. After Israel's airstrike, Iran launched a counterattack, further intensifying concerns about a prolonged full-scale war. In particular, both sides are reportedly focusing their attacks on each other's energy facilities.

Investment bank JP Morgan has warned that if the Strait of Hormuz is blockaded or if military conflict expands across the Middle East, international oil prices could soar to as high as $130 per barrel in the worst-case scenario.