Asia Energy Stocks Soar with Oil Prices Hitting $102 a Barrel

Asian energy stocks rose on Friday, tracking higher oil prices as escalating tensions in the Middle East and concerns over fuel supplies boosted the sector.

Oil prices held above $102 a barrel as of 04:27 GMT after rising sharply in the previous session, while U.S. West Texas Intermediate was around $93.

The gains came as markets assessed a possible increase in U.S. military forces in the Gulf, including the potential deployment of another aircraft carrier, while China’s decision to halt most refined-fuel exports in October added to supply concerns.

South Korea's SK Hynix rose 8.5%, while LG Chem surged 10%.