Singapore, March 4, 2026, 18:31 SGT
- Delixy shares soared 158% after hours Tuesday, reversing losses from earlier in the day’s regular session.
- Crude prices surged again, with fighting near Iran disrupting Middle East supply lanes and driving the move.
- The market’s attention has zeroed in on the Strait of Hormuz as shipping and insurance snags in the Gulf pile up.
Delixy Holdings Ltd (DLXY) jumped 158% after hours Tuesday, landing at $2.12, after closing the regular Nasdaq session off 17% near $0.82, based on Benzinga Pro data. Traders piled into energy stocks linked to crude, sending Battalion Oil and Trio Petroleum sharply higher, too.
Oil moved higher Wednesday, with Brent crude adding 3.3% to reach $84.07 a barrel by 0659 GMT. U.S. West Texas Intermediate climbed 3% to $76.80. The gains come as the U.S.-Israeli war on Iran rattles Middle East supply routes. President Donald Trump said the U.S. Navy may escort tankers through the Strait of Hormuz.
Kelvin Wong, senior market analyst at OANDA, told Reuters the US-Iran conflict is still the main force shaping oil prices right now. According to Reuters, the Strait of Hormuz was, for all practical purposes, shut to traffic.
The shipping market is feeling the pain of the shutdown, with Greek shipping minister describing the scene as “alarming and worrying.” Ships are stuck around Hormuz, a critical chokepoint that moves roughly 20% of the world’s oil and gas supply. Reuters
Insurers are stepping away too. Some ships have lost war-risk coverage altogether, and premiums have spiked. Brokers say underwriters are not only jacking up prices, but sometimes refusing outright to insure transits through Hormuz.
Delixy, based in Singapore, trades crude and a range of oil-related products—fuel oils, gasoline, additives, condensate, base oils, asphalt, petrochemicals, plus naphtha—according to Reuters data. Dongjian Xie holds both executive chairman and CEO roles at the company.
Delixy barely registers by Nasdaq metrics. The company ended Tuesday with a market cap near $13.4 million, while over 31 million shares changed hands during the regular session. The stock has swung between about $0.61 and $7.16 over the past 52 weeks, according to stockanalysis.com.
Major banks say a lengthy shutdown spells trouble for supply. J.P. Morgan figures Iraq and Kuwait could take crude offline within days if Hormuz remains sealed, possibly removing as much as 4.7 million barrels a day. ANZ and Goldman Sachs have bumped up their oil price targets, too.
Delixy isn’t in the drilling business—it’s a trader. That means a crisis is a mixed bag: sure, surging prices might fatten margins in certain deals, but snarled shipping routes can disrupt deliveries, driving up costs for freight and financing.
There’s also a mechanical risk. After-hours trading, that thinner slice of the session outside regular hours, tends to amplify moves in small-float, low-priced stocks. Once the main pool of liquidity comes back in, those sharp swings can snap back just as fast.
