$101 Oil Bill Hits South Korea Amid US-Iran Tensions

Global oil prices have surged following renewed clashes between the United States and Iran, putting South Korea's industries on high alert. The tensions over control of the Strait of Hormuz have caused Dubai crude to settle at $101.91 a barrel, a 30.3% increase from a month earlier.

The price hike has significant implications for various sectors in South Korea. Airlines are bracing for a shock as jet fuel prices rise, while shipping companies may partially offset the impact through higher freight rates and inventory valuation gains.

Refiners are also closely monitoring global oil prices, but industry officials say it will be difficult to expect profits on the scale seen during the Russia-Ukraine war due to South Korea's domestic oil-price cap and export restrictions.