SGX-listed energy stocks surge as oil prices rally amid Mid-East conflict

Several energy counters in Asia jumped in early trade on June 16, on the back of global crude oil prices surging amid escalating conflict between Iran and Israel.

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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 jumped 7 per cent on June 13 as Israel and Iran first traded strikes.

In 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 market open on June 16.

As at 9.04am, multinational oil exploration and production company Rex International gained 9.8 per cent, or two cents, to 22.5 cents, with 13.3 million securities changing hands. Its share price closed lower at 22 cents, though the counter was still up 7.3 per cent, or 1.5 cents.

The company's share price has had an upward trajectory since early June, following its June 6 update on its subsidiary Lime Petroleum Holding's assets in Norway, Benin and Germany.

Notably, Lime Resources Germany, 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 14 cents on June 9, to 18 cents on June 11 and 20.5 cents on June 13.