These hikes represent the biggest one-day increases in oil prices in the past two years, since May 2020. West Texas Intermediate also soared to $104.77 a barrel. Brent-crude futures, the world's benchmark for oil prices, rose by 8.6 percent on Tuesday, reaching $106.38 a barrel. The drastic increase of global oil prices is behind local energy stocks' soaring moves. The stock of Joong Ang Enervis, which takes charge of the oil distribution business, both wholesale and retail, also increased by 6.77 percent at Tuesday's trading closing. S-Oil, the country's major petroleum and refinery business, also saw its stock price jump more than 6.04 percent on Tuesday. The stock also hit its daily increase limit on February 24 amid the heightened military tension between Russia and Ukraine. Korea Petroleum Industries' stock price soared by 15.35 percent on Tuesday, finishing at 23,300 won ($19.3) won at closing. As global oil prices have surged to their highest level since 2014, with prices rising over eight percent on Tuesday, Korean oil stocks have showed strong bullish moves.
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