KazMunayGas (KMG), Kazakhstan’s national oil and gas company, reported a record surge in its share price. During trading on the Kazakhstan Stock Exchange (KASE), the stock rose 11.32%, or 2,900 tenge, reaching 29,000 tenge ($58.19) per share.
This was the first trading session since the U.S. and Israel launched attacks on Iran, killing Ayatollah Ali Khamenei, who had ruled the country for nearly 40 years.
Analysts say the escalating conflict in the Middle East poses a significant risk to global oil markets. If Iran were to block the Strait of Hormuz, the global market could lose up to 20 million barrels per day — roughly one-fifth of global oil supply.
Oil prices have already climbed, hitting a two-year high and briefly reaching $80.1 per barrel during trading on the Intercontinental Exchange. Oil futures for the month of May recorded daily gains ranging between 9% and 13%.
KMG shares have been rising since the start of 2026. Over the past two months, the company’s stock has gained 31.8%, or nearly 7,000 tenge ($14.05), despite ongoing legal disputes with international investors over the Karachaganak and Kashagan fields.
