KUALA LUMPUR (Feb 24): Oil and gas (O&G) counters on Bursa Malaysia jumped in mid-morning trade after Brent crude oil futures hit the US$100-per-barrel mark amid supply concerns following Russia’s official military offensive against Ukraine.

The Bursa Malaysia Energy Index rose as much as 3.16% following the news. At the time of writing, the Energy Index increased 2.46% and was one of two gainers across Bursa Malaysia alongside the Bursa Malaysia Plantation Index, which was up 1.83%.

Among O&G counters, refiners, production companies and upstream service providers rose.

Top gainers include Hengyuan Refining Co Bhd (up 14 sen or 3.31% to RM4.36), Hibiscus Petroleum Bhd (up 10 sen or 8.4% to RM1.28), Deleum Bhd (up 7.5 sen or 15% to 57.5 sen) and Carimin Petroleum Bhd (up 6.5 sen or 8.28% to 85.5 sen).

Big-caps however trended lower, led by Dialog Group Bhd (down seven sen or 2.52% at RM2.71), MISC Bhd (down four sen or 0.56% at RM7.11) while Yinson Holdings Bhd rose two sen or 0.38% to RM5.22.

Earlier, it was reported that Russia president Vladimir Putin authorised a military operation in eastern Ukraine on Thursday hours after pro-Russian separatists issued a plea to Moscow for help to stop alleged Ukrainian aggression.

Ukraine’s foreign minister Dmytro Kuleba has confirmed Russia’s full-scale invasion of the country.

Oil price moved on the news as the US has led sanctions against Russia amid the conflict, which sparked concerns of a Russia retaliation through halting of oil exports from the world’s second largest producer with some 10 million barrels per day.

Concurrently, Germany has already withdrawn a document needed for certification of the Nord Stream 2 gas pipeline from Russia to Germany. In response, Russian officials warned that prices in Europe would “skyrocket” to €2,000 per 1,000 cb m of gas.