Oil Prices Soar Amid Middle East Tensions and China Export Halt

International oil prices surged on October 1 as escalating military tensions in the Middle East coincided with news that China has halted petroleum product exports. The rally lifted South Korean refining and energy stocks across the board, with S-Oil (010950) leading the gains.

The company's stock price rose by 6.92% to 159,100 won (approximately $120), while SK Innovation (096770) increased by 4.87% to 146,400 won (approximately $110). GS (078930), which owns unlisted refiner GS Caltex as a subsidiary, was up 2.64% at 104,900 won (approximately $77).

Seo Sang-young, an analyst at Mirae Asset Securities, attributed the rise in oil prices to supply concerns stemming from Ukraine's attacks on Russian oil facilities and China's decision to halt fuel product exports to stabilize domestic supply.