“…First, our research adds to a series of studies on severe events, particularly the COVID-19 event. Extreme events, such as natural disasters or geopolitical concerns, will have a substantial effect on the stock market or the energy industry ( Kong et al, 2021 , Xie et al, 2021 , Rakshit, 2021 , Gu et al, 2021 ). As a catastrophic event, COVID-19 has significantly affected the stock market and the energy industry ( Karavias et al, 2022 , Si et al, 2021 , Narayan, 2021 ).…”