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

CIMB upgraded to AAA in MSCI ESG ratings on stronger sustainability practices
Poultry farmer Hock Soon Capital seeks to raise RM60mil from IPO
Bursa Malaysia continues uptrend at midday
AMS Advanced Material gets Bursa Malaysia's nod for ACE Market listing
Malaysia Airports strengthens China connectivity at KLIA, Tawau to support VM2026
HSS Engineers' associate secures RM22mil EPCC job for data centre in Perak
Oil edges up after Trump backs off tariff threat on Greenland
Guan Huat Seng opens slightly lower at 24 sen in ACE Market debut
Australian dollar scales 15-month high on strong jobs data
Gold dips, stocks lift as Trump walks back Greenland threats

Others Also Read