Oil Prices Surge, Oil and Gas Stocks See Significant Rise: What’s Happening?

On June 13, the stock market experienced mixed movements, with oil stocks like GAS, PVD, BSR, and PLX rising over 3% due to a dramatic 9% spike in Brent crude oil prices to $75 per barrel, the highest in two months. This surge is primarily driven by geopolitical tensions in the Middle East and a decline in U.S. crude oil reserves, signaling strong demand. SSI Research predicts oil prices will range between $70-75 per barrel by 2025, with the oil sector’s profitability expected to improve due to enhanced E&P activities. Projections for 2025 indicate that BSR’s profits could rise to 3.1 trillion VND, while PVD and PVS may achieve growth rates of 50% and 20% respectively due to significant contracts. Additionally, substantial projects like the LNG Thị Vải port and the Lô B – Ô Môn project are progressing, promising growth for the oil sector in the near future.