Asia Energy Stocks Soar as Middle East Tensions Fuel Oil Price Surge
Asian energy stocks rose on Friday as rising oil prices boosted the sector. The gains came amid escalating tensions in the Middle East and concerns over fuel supplies.
Brent crude oil held above $102 a barrel, while West Texas Intermediate (WTI) was around $93. The higher oil prices were driven by market assessments of a possible increase in U.S. military forces in the Gulf, including the potential deployment of another aircraft carrier.
South Korea's SK Innovation jumped 8.5%, while S-Oil Corp surged 10%. Japan's Inpex Corp rose 2.3%, and Eneos Holdings advanced 1%. Australian energy stocks also gained, with Woodside Energy rising 1% and Santos climbing 2%.
The gains came despite a weaker regional equity market on Friday. China's decision to halt most refined-fuel exports in October added to supply concerns, further boosting oil prices.