[Edaily Reporter Shin Ha-yeon] Oil-related stocks are showing a collective upward trend in early trading.
According to MP Doctor on the 11th, as of 9:07 a.m. today, #Heunggu Oil is trading at 13,230 won, up 11.18% from the previous trading day.
At the same time, #Joongang Energy (up 4.25%) and #Gukdong Petrochemical (up 1.54%) are also showing strength despite the broader market decline.
This is believed to be due to the rise in international oil prices overnight, driven by renewed tensions between the U.S. and Iran.
On the 10th local time, the closing price of August-delivery Brent crude futures on the London ICE Futures Exchange was $93.10 per barrel, up 1.80% from the previous session.
On the New York Mercantile Exchange, the closing price for July West Texas Intermediate (WTI) crude oil futures was $90.03 per barrel, up 2.07% from the previous session.
The U.S. military has launched attacks against Iran for two consecutive days since announcing on the 8th (local time) that it would respond to the downing of a U.S. military helicopter in the Strait of Hormuz.
In response, Iran announced it would completely close the Strait of Hormuz, causing tensions in the Middle East to escalate once again.