[Market Movers] Refining and Oil Stocks Rally as Middle East Risks Drive Up Global Oil Prices

As international oil prices surged due to concerns over the possible escalation of conflict in the Middle East, domestic refining and oil stocks showed strong performance in early trading on June 18.

As of 10:27 a.m. on this day, shares of SK Innovation were trading at 99,200 won on the Korea Exchange, up 8.89% from the previous trading day. S-Oil was also up 1.96% at 62,400 won compared to the previous session.

At the same time on the KOSDAQ market, Heungkuk Oil rose by 5.49%, and Joongang Enervis gained 1.47%.

This trend is attributed to the rise in international oil prices as tensions escalate between Israel and Iran and the possibility of U.S. intervention increases. On June 17 (local time) at the New York Mercantile Exchange, the price of West Texas Intermediate (WTI) crude oil futures for the nearest month closed at $74.84 per barrel, up 4.28% from the previous session. At the ICE Futures Exchange, the price of Brent crude oil futures for the nearest month closed at $76.54 per barrel, up 4.4% from the previous session.

According to foreign media reports, U.S. President Donald Trump reportedly convened a National Security Council (NSC) meeting to consider a plan to directly strike Iran's nuclear facilities with bunker buster bombs.