Doosan Fuel Cell Plunges 29.91%, Renewable Energy Stocks Slide as Oil Prices Crash 5% on July 27

According to Korea Exchange data, renewable energy stocks fell sharply on July 27 as international crude oil prices dropped around 5%. Doosan Fuel Cell declined to 30,000 KRW, hitting its daily limit down of 29.91%, while SK E&C plummeted 27.44% to 58,700 KRW.

The selloff followed easing Middle East tensions. The U.S. halted air strikes against Iran on July 24, and Iran stated it would cease military retaliation if U.S. attacks remained suspended, reducing supply disruption concerns. According to Bloomberg, Brent crude and WTI futures fell 4.9% each, trading at $92.04 and $84.95 per barrel respectively, with Brent briefly dropping below $90.