Ayushman Ojha
Investing.com– Asian energy stocks rose on Friday, tracking higher oil prices as escalating tensions in the Middle East and concerns over fuel supplies boosted the sector.
Brent crude held above $102 a barrel as of 04:27 GMT after rising sharply in the previous session, while U.S. West Texas Intermediate was around $93.
The gains came as markets assessed a possible increase in U.S. military forces in the Gulf, including the potential deployment of another aircraft carrier, while China’s decision to halt most refined-fuel exports in October added to supply concerns.
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South Korea’s SK Innovation (KS:096770) jumped 8.5%, while S-Oil Corp (KS:010950) surged 10%.
Japan’s Inpex Corp (TYO:1605) rose 2.3%, and Eneos Holdings (TYO:5020) advanced 1%.
Australian energy stocks also gained, with Woodside Energy (ASX:WDS) and Santos (ASX:STO) rising 1% and 2%, respectively.
The gains came despite a weaker regional equity market on Friday.
Original Article
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