[Market Focus] International Oil Prices Surpass $100... Refinery Stocks Rally

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Refinery stocks are showing strength as international oil prices have soared above $100 per barrel.

As of 9:32 a.m. on March 9, Heungkuk Oil recorded 32,450 won, up 17.57% from the previous trading day. Kukdong Oil & Chemical (up 14.0%), Korea Oil Corporation (up 12.0%), and Korea ANKOR Oil Corporation (up 14.2%) also showed strong gains.

The sharp rise in international oil prices appears to have influenced investor sentiment. Around 7 a.m. on the same day, both Brent crude and West Texas Intermediate (WTI), which serve as benchmarks for international oil prices, surpassed $100 per barrel. At one point, WTI climbed as high as $111.24.

Recently, U.S. crude oil prices surged 35.63% in just the past week. This is the largest weekly increase in futures trading since 1983. This surge was triggered by Iran's blockade of the Strait of Hormuz, which led to reduced oil production by countries across the Gulf region.

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