SK Innovation shares rose 6.24% to ₩124,200, approximately $90, as investors responded to battery subsidiary SK On’s large-scale, long-term battery-cell supply agreement for the US energy storage system (ESS) market. The stock opened at ₩119,300, approximately $87, and reached an intraday high of ₩125,300, approximately $91, according to the Korea Exchange at 9:47 a.m. on the 31st. Expectations for ESS expansion, a rebound in lithium prices and anticipated US market entry also supported the broader secondary-battery sector, with Samsung SDI up 2.10%, L&F gaining 6.82% and POSCO Future M advancing 4.03%. Higher international oil prices provided an additional boost because SK Innovation operates a refining business and stronger crude prices can improve expectations for refining margins. The United States resumed airstrikes on Iran after a one-month pause, renewing Middle East tensions and concerns over crude supply disruptions. SK Innovation’s shares had fallen for two consecutive sessions after the company announced on the 25th that it would absorb SK IE Technology (SKIET), which it spun off in 2019. The decline reflected SKIET’s weak earnings and shareholder dissatisfaction with the merger ratio. The long-term nature of SK On’s ESS agreement distinguishes it from a one-off order and could provide a steadier revenue base in a market supported by demand for grid stabilization. The Advanced Manufacturing Production Credit (AMPC) under the US Inflation Reduction Act (IRA) is also expected to support ESS battery production in the United States. Observers remain divided over whether the latest rally is a temporary response to the contract or evidence that confidence in the merger’s synergies is returning.