HMM Rises 2.3% as U.S.-Iran Tensions Over Hormuz Strait Boost Shipping Stocks on July 14

HMM1.07%
CL7.57%
According to Korea Exchange, HMM rose 2.3% to 20,000 won on July 14 as U.S.-Iran tensions over the Strait of Hormuz boosted South Korean shipping stocks. STX Green Logistics hit its daily limit up, while Heung-A Shipping gained 2.92%. The gains reflect expectations of higher shipping rates following reports of the strait's reclosure. Meanwhile, WTI crude oil futures surged 9% to 78 dollars, lifting refinery stocks including Hyunggu Petroleum up 7%.
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