Global Oil Prices Surge Again, Raising Concern Over South Korea’s Price-Capped Fuel

International oil prices are climbing again as military clashes between the United States and Iran intensify, putting South Korea’s price-capped domestic fuel market back on alert.

Brent crude for November delivery closed at $97.73 a barrel on London’s ICE Futures exchange, up 1.5 percent from the previous session. It reached $97.93 during trading, the highest level in about six weeks.

The renewed fighting has increased concern about disruptions to energy supplies in the Middle East. Attacks on energy facilities in major oil-producing countries are adding further upward pressure to crude prices.

An Aramco refinery in Jizan, southwestern Saudi Arabia, was reportedly struck. The facility can process about 400,000 barrels of crude a day. The scale of the damage and whether operations have been disrupted have not been confirmed. Aramco Korea said it was still assessing the situation locally, while the strike itself has raised concern about South Korea’s crude supply.