S-Oil Turns Quarterly Profit Amid Middle East Tensions

S-Oil Corp., South Korea's third-largest refiner by sales, has swung to a net profit in the second quarter from a year earlier.

The company posted a net profit of 514.6 billion won (US$359 million) for the three months that ended in June, compared with a net loss of 66.8 billion won in the same period last year.

The strong refining margins and record earnings from the lubricant segment were key factors behind S-Oil's improved bottom line.

The company expects steady demand in the second half to continue supporting its earnings, driven by global crude oil and refined product inventories that have fallen sharply due to supply disruptions stemming from the U.S.-Iran conflict.