South Korean refining stocks rose sharply as renewed U.S.-Iran hostilities and threats to commercial shipping through the Strait of Hormuz heightened Middle East supply risks and extended oil’s rally. As of 9:40 a.m. on September 4, S-Oil (010950) was up 10.07% at 162,800 won, or approximately $120; GS gained 6.39% to 126,500 won, or approximately $93; and SK Innovation (096770) rose 4.89% to 137,200 won, or approximately $100. By 0100 GMT Friday, Brent crude futures were up 54 cents, or 0.6%, at $96.06 a barrel and U.S. West Texas Intermediate climbed 80 cents, or 0.9%, to $92.10, putting Brent on track for a 7.6% weekly rise and WTI for a 10.4% gain—the steepest weekly advances since the week ended July 20. October WTI had settled at $91.30 on September 3, while November Brent closed at $95.52 after briefly exceeding $97. U.S. commercial crude stocks fell to about 424.5 million barrels in the week ended August 28, the Strategic Petroleum Reserve stood near 286.6 million barrels, and OPEC+ is expected to keep its October output policy unchanged at a Sunday meeting. U.S. attacks this week that killed and wounded dozens, including Iranian civilians, marked the fiercest clashes since July in a war now in its seventh month, while Israeli Defence Minister Israel Katz warned Israel would cripple Iran’s military and civilian infrastructure, including energy facilities. Iran expanded shipping restrictions through Hormuz, and U.S. Vice President JD Vance said Washington did not plan talks unless Tehran stopped attacking commercial shipping. ANZ analysts raised their short-term Brent forecast to $95 a barrel, with upside risk if the conflict intensifies, saying elevated inventories had absorbed the initial supply shock but buffers are diminishing. Iraq raised oil exports to about 2.34 million barrels per day in August from roughly 1.35 million bpd in July, with September shipments also expected to increase. Refining margins were supported by rising inventory values, alternative crude routes, sluggish finished-product supply and disruptions in Russia and the Middle East.