Latest news with #PetronMalaysiaRefining&Marketing
The Star
a day ago
- Business
- The Star
Quick Take: O&G counters rise as Middle East tensions drive crude surge
KUALA LUMPUR: Oil and gas-related counters continued to trend higher in early trade on Friday, defying the weaker broader market, amid growing concerns over escalating tensions in the Middle East. US West Texas Intermediate (WTI) crude surged US$5.11, or 7.51%, to US$73.15, while Brent jumped US$4.99, or 7.19%, to US$74.35 per barrel. The surge in oil prices was driven by geopolitical uncertainties, particularly tensions in the Middle East, which have raised fears of supply disruptions. Reuters reported early on Friday that Israel had launched strikes on Iran, while Iranian media reported explosions heard in Tehran, as tensions intensified over U.S. efforts to secure Iran's agreement to halt the production of material for an atomic bomb. As of 9.28 am, the Bursa Malaysia Energy Index rose 1.68%, or 12.20 points, to 738.33. Among the gainers, refiners saw notable increases. Hengyuan Refining Company rose 16 sen to RM1.88, while Petron Malaysia Refining & Marketing gained 10 sen to RM3.84. Other oil and gas counters also saw gains, with Hibiscus climbing seven sen to RM1.62, Dayang adding four sen to RM1.91, Dialog up four sen at RM1.55, and Deleum advancing three sen to RM1.48.
The Star
2 days ago
- Business
- The Star
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.
