KUALA LUMPUR: Oil and gas-related stocks opened higher after Iran’s new supreme leader indicated the Strait of Hormuz would stay closed.
At 10.45 am, Hengyuan Refining Company Bhd
shares gained five sen to RM1.66 on 6.73 million shares traded, Petron Malaysia Refining & Marketing Bhd rose six sen to RM4.73 on 482,000 shares, Dialog Group Bhd advanced 10 sen to RM1.98 on 787,500 shares, and Velesto Energy Bhd added half a sen to 33 sen on 7.79 million shares.
Iran’s new supreme leader, Mojtaba Khamenei, announced the Strait of Hormuz would remain closed in his first statement since succeeding his slain father, with the message broadcast on state television.
At the time of writing, Brent crude was up 0.09 per cent at US$100.50 per barrel.
Apex Securities Bhd said global sentiment is likely to remain cautious as the West Asia conflict intensifies, raising concerns over disruptions to energy supplies.
"Iran has vowed to keep the Strait of Hormuz closed and escalate attacks on regional shipping and U.S. bases, while multiple tanker strikes in the Persian Gulf and Iraqi ports have already disrupted crude flows,” it said in a note.
"Oil prices have surged above US$100 per barrel amid rising risks, potentially reigniting global inflation concerns and dampening risk appetite.”
Against this backdrop, Apex Securities said markets are expected to remain volatile as investors monitor geopolitical developments and their impact on global growth, energy security and inflation dynamics. - Bernama
