Indonesia Energy Shares Jump 4% as Brent Tops $96 on Iran-Israel Tensions
INDO•Indonesia Energy Corp shares rose about 4% after Brent crude futures surged over 3% to US$96.26 and WTI futures jumped above US$93.60 a barrel due to renewed Iran-Israel tensions. OPEC+ agreed to a fourth consecutive monthly output increase starting in July, tempering the rally despite heightened geopolitical risk.
1. Oil Price Surge Driven by Iran-Israel Tensions
Renewed military exchanges between Iran and Israel prompted crude futures to climb more than 3%, lifting Brent above US$96.26 per barrel and WTI above US$93.60 as investors priced in elevated geopolitical risk.
2. OPEC+ Agrees Fourth Monthly Output Increase
Member countries of OPEC+ approved another rise in production targets for July, marking the fourth straight monthly output hike since the war and adding supply despite geopolitical uncertainty.
3. Indonesia Energy Shares Climb on Crude Rally
Indonesia Energy Corp shares jumped about 4% in the overnight session as higher benchmark crude prices are expected to boost revenue, though upcoming OPEC+ supply increases could dampen future price gains.
