Asia Energy Stocks Surge on Renewed Iran Supply Fears

Asian energy stocks surged on Thursday as oil prices rebounded sharply overnight due to renewed tensions between the U.S. and Iran, reviving concerns over Middle East supply disruptions.

The price of Brent crude settled 3.9% higher at $103.08 a barrel, while West Texas Intermediate (WTI) gained 1.8% to $92.16, ending a run of losses.

CNOOC's Hong Kong-listed shares rose 2.1%, while Sinopec's Shanghai-listed shares climbed 1.4%. CNOOC's Shanghai-listed shares added 0.7%, while Japan's Inpex rose 0.3%; Idemitsu bucked the trend, falling 1.3%.

The oil price rebound followed Iranian President Masoud Pezeshkian's pledge that Tehran would not surrender to U.S. pressure, a day after President Donald Trump issued a threat against Iran.