International oil prices surged, lifting S-Oil shares by nearly 12%.
According to the Korea Exchange, as of 2:22 p.m. on the 29th, S-Oil was trading at 132,900 won, up 14,200 won (11.96%) from the previous session. At the same time, SK Innovation was up 11,900 won (8.95%) at 144,900 won.
Refining stocks were seen gaining as crude prices rose after U.S.-Iran ceasefire talks remained deadlocked, despite reports that the United Arab Emirates would leave the Organization of the Petroleum Exporting Countries, or OPEC.
On April 28 (local time), ICE Futures Europe June Brent crude settled up 2.8% at $111.26 a barrel. On the New York Mercantile Exchange, June West Texas Intermediate rose 3.7% to $99.93. WTI briefly climbed back above $100 a barrel intraday for the first time since the 13th.
Meanwhile, CNBC reported that the UAE’s decision to leave OPEC would weaken the group’s influence in the oil market and, over the longer term, could push international oil prices lower. The UAE is set to withdraw from OPEC and OPEC+ — OPEC and a broader alliance that includes Russia and 10 other major producers — effective next month on the 1st, a move expected to reduce OPEC’s pricing power.
* This article has been translated by AI.
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