O&G stocks climb on Bursa as oil hits two-month high amid US-Iran tensions
KUALA LUMPUR: Oil and gas (O&G) and related stocks were among the top gainers on Bursa Malaysia in early Thursday trade, lifted by stronger oil prices amid escalating US-Iran tensions.
As of 9.28 am, the Bursa Malaysia Energy Index rose 1.12%, or 8.14 points, to 731.91.
Petron Malaysia Refining & Marketing gained nine sen to RM3.67, Hengyuan Refining Co added five sen to RM1.65, and Dayang rose four sen to RM1.89.
Dialog advanced two sen to RM1.52, Bumi Armada inched up one sen to 48.5 sen, Hibiscus Petroleum added three sen to RM1.53, and Keyfield gained three sen to RM1.82.
Reuters reported that oil prices rose to a two-month high on Thursday after U.S. President Trump said American personnel were being moved out of the Middle East, fueling fears of supply disruptions amid escalating tensions with Iran.
Brent crude futures rose 15 cents, 0.2%, to $69.92 a barrel at 1230 am GMT, while U.S. West Texas Intermediate crude 22 cents, 0.3%, to $68.37.
Both Brent and WTI surged more than 4% to their highest since early April on Wednesday.
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