Rex International has shown an upward trend since early June, mainly boosted by the renewal of its Lime Petroleum in Norway, Benin and Germany. Lime Petroleum's German subsidiary was established at the end of 2024 and currently holds multiple onshore exploration and production licenses in the Rhine Valley and Bavaria.
Another energy company, RH PetroGas, opened up 6.8%. The stock price then fell back to 0.2 yuan, still rising 0.008 yuan or 4.17%.
The escalation of Israel-Iran conflict has brought about geopolitical uncertainty, and international oil prices have risen. Affected by this, many Singapore energy stocks rose significantly in the early trading on Monday (June 16).
International oil prices rose by 13% last week, and rose by 1% on Monday. Among them, Brent crude oil futures rose 72 cents to $74.95 per barrel (about S$96.14), while West Texas Intermediate crude oil futures rose 84 cents to $73.82 per barrel.
Rex International, a multinational oil and gas exploration and production company, once soared to 9.8% in the early trading. As of 10:40, the stock price fell back to 0.22 yuan, an increase of 0.015 yuan or 7.32%.
Ii and Iran launched air strikes against each other last Friday (13th). Analysis points out that if the conflict spreads to the Strait of Hormuz, it may affect about one-fifth of the world's oil transportation.
As of 10:40 a.m., the FTSE Straits Times Oil and Gas Index was 603.93 points, up 6.41 points or 1.07%.