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.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
O&G , Oil , Middle East , Iran

Next In Business News

Oil falls by almost 10% after Iran FM declares Strait of Hormuz open
Iran's foreign minister says Hormuz Strait is open during ceasefire
SC explores cross-border opportunities with China
Inari terminates Lumileds acquisition after US blocks deal on security concerns
Auditors flag going concern risk at Lien Hoe
Malaysia’s economy remains robust, well supported by E&E sector, domestic demand
Aizo secures Bursa approval for multi-exercise corporate plan
MICCI urges clear government-industry communication amid Middle East shipping risks
Bina Puri secures RM156.45mil Sarawak road contract
WTEC proposes RM10.8mil factory acquisition in Semenyih

Others Also Read