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Oil Refiners Surge as Global Crude Prices Breach $100 Mark

Energy Minerals · Integrated Oil · yonhap_finance · 2026-09-10

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South Korean oil-related stocks rallied as geopolitical tensions between the U.S. and Iran pushed global crude oil prices above $100 per barrel.

What Happened

Oil Price Surge and Market Impact: South Korean oil-related stocks are experiencing a sharp rally as global crude oil prices surged past the $100 per barrel threshold. Companies such as Heung-A Oil and Korea Petroleum saw significant gains during morning trading sessions.

Escalating Geopolitical Tensions: The price spike follows heightened military friction between the U.S. and Iran, including the destruction of Iranian oil tankers and retaliatory missile strikes on U.S. bases in Jordan. These events have fueled concerns over potential supply disruptions in the global energy market.

Crude Oil Market Performance: Brent crude for November delivery closed at $101.21 per barrel, marking its first finish above the $100 level since July 23. West Texas Intermediate (WTI) also followed the trend, closing higher at $96.05 per barrel.

Future Outlook: U.S. President Donald Trump suggested that oil prices could remain elevated at least until the upcoming midterm elections due to the ongoing conflict with Iran. Analysts expect the geopolitical instability to continue influencing energy prices and related equities in the near term.

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