Iran Halts Strait of Hormuz as Oil Surges 4%, South Korean Energy Stocks Jump

According to Hankyung, Iran's Islamic Revolutionary Guard announced on July 12 it would re-close the Strait of Hormuz in response to a U.S. airstrike, causing global crude oil prices to surge. WTI crude futures jumped over 4% to the mid-$70s per barrel on July 14.

South Korean energy and shipping stocks rallied amid the supply concerns. SK Innovation rose 7.09%, while STX Green Logistics surged 29.99% to 2,540 Korean won. Analysts noted refining margins are expanding due to production capacity losses from damaged facilities in the region.

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