Some SGX-listed energy stocks surge as oil prices rally on Israel-Iran conflict
[SINGAPORE] Shares of oil and gas companies listed on the Singapore Exchange (SGX) such as Rex International and RH PetroGas rose more than 6 per cent at the market open on Monday (Jun 16).
This comes on the back of global crude oil prices surging amid escalating conflict in the Middle East between Iran and Israel.
Brent crude futures rose US$1.70 or 2.3 per cent, to US$75.93 a barrel during Asia hours, while US West Texas Intermediate crude futures gained US$1.62, or 2.2 per cent, to US$74.60.
Oil prices had jumped 7 per cent on Friday as Israel and Iran first traded strikes.
As at 9.04 am, multinational oil exploration and production company Rex International gained 9.8 per cent or S$0.02 to S$0.225, with 13.3 million securities changing hands. By 9.30 am, its share price had eased to S$0.22, though the counter was still up 7.3 per cent or S$0.015.
The company’s share price has had an upward trajectory since early June, following its Jun 6 update on its subsidiary Lime Petroleum Holdings’ assets in Norway, Benin and Germany.
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Notably, Lime Resources Germany, which was founded in late-2024, was said to have interests in four onshore exploration licences and one onshore production licence in the Rhine Valley, and one onshore production licence in Bavaria.
Its share price has since increased steadily from S$0.14 on Jun 9, to S$0.18 on Jun 11 and S$0.205 on Jun 13.
On Nov 7, 2023, Lime Petroleum had entered an agreement to acquire a 17 per cent interest in PL740, an oil and gas licence for a field in the Norwegian North Sea.
Meanwhile, RH PetroGas was up 6.8 per cent or S$0.013 at S$0.205, with 5.2 million securities changing hands. At 9.45 am, its price eased to $0.199, still up 3.7 per cent or S$0.007, before rising again to S$0.20 by 9.56 am. The company also had regular improvement in its price performance before today’s spike from its Jun 10’s price of S$0.141.
Other maritime and energy SGX-listed stocks had sharp increases of over 10 per cent and around 21 per cent were Mermaid Maritime and CH Offshore, to S$0.121 and S$0.017, respectively. As at 10.18 am, their share prices have eased to S$0.118 and S$0.016, respectively.
