Asian Energy Stocks Climb as Middle East Tensions Push Oil Above $102

Energy stocks across Asia advanced on Friday, lifted by a surge in crude oil prices amid escalating geopolitical tensions in the Middle East and tightening global fuel supplies.

The rally in energy equities followed a sharp rise in crude benchmarks, with international benchmark Brent crude holding above $102 a barrel and U.S. West Texas Intermediate trading around $93, according to a report from Investing.com.

Sector Gains Led by Korean Refiners

The gains were widespread across major regional markets, occurring even as broader equity indices traded lower. The move highlights investor focus on sectors that benefit directly from rising commodity prices.

Key performers in the region included:

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• In South Korea, refiner SK Innovation (KS:096770) jumped 8.5%, while S-Oil Corp (KS:010950) surged 10%.
• Japanese producers also saw gains, with Inpex Corp (TYO:1605) rising 2.3% and Eneos Holdings (TYO:5020) adding 1%.
• In Australia, energy giants Woodside Energy (ASX:WDS) and Santos (ASX:STO) advanced 1% and 2%, respectively.

Geopolitical and Supply Catalysts

The primary driver for the oil price increase was heightened geopolitical risk. Markets are reportedly pricing in the possibility of an increased U.S. military presence in the Persian Gulf, which could disrupt supply from the critical oil-producing region.

Adding to supply-side pressures, China’s decision to halt most of its refined-fuel exports in October is expected to tighten the global market. This reduction in supply from a major refining hub further supported the upward trend in fuel prices.