The share price of PTT Public Company Limited (SET: PTT) and its affiliates were all in positive territory amid surging oil prices in the morning session.
The share price of PTT rose Bt0.50 or 1.24% to Bt40.75 per share.
PTT Exploration and Production Public Company Limited (SET: PTTEP) gained Bt3.50 or 2.67% to trade at Bt134.50 per share.
PTT Global Chemical Public Company Limited (SET: PTTGC) increased Bt0.50 or 0.87% to trade at Bt58.25 per share.
PTT Oil and Retail Business Public Company Limited (SET: OR) rose Bt0.25 or 1% to Bt25.25 per share.
IRPC Public Company Limited (SET: IRPC) hiked Bt0.04 or 1.01% to Bt4.00 per share.
Thai Oil Public Company Limited (SET: TOP) advanced Bt1.50 or 2.83% to Bt54.50 per share.
Oil prices continued to surge in the early session on Monday morning amid escalating tensions between Russia and Ukraine over the weekend.
In the morning session of Asian markets, the international benchmark Brent crude rose 1.31% to $95.68 per barrel. The U.S. benchmarket West Texas Intermediate (WTI) increased 1.54% to $94.53 per barrel.
President Biden told Ukrainian President Volodymyr Zelensky Sunday that the U.S. and its allies would respond promptly to any further aggression made by Russia against his country.
The statement came after a movement of 100,000 Russians equipped with advanced weaponry lined Ukraine’s eastern border and the northern border with Belarus.
On Friday, Jake Sullivan, Biden’s national security advisor, urged any Americans still in Ukraine to leave immediately and said that Putin could order an invasion of Ukraine “any day now.”
The dispute between Russia and Ukraine that could lead to a sanction of the former might cause some disruption on global commodities. The oil production may have a risk premium as Russia is behind OPEC+ target. The country is the source of 40-50% of natural gas to European countries. Meanwhile, Russia is the second biggest aluminium producer and more than 25% of global grains production were produced from Russia and Ukraine. Russia has the third largest Bitcoin mining hash rate.
