International oil prices have climbed to their highest levels since May as disruptions across key Middle East and other producing regions raise supply concerns. Korean crude oil exchange-traded funds (ETFs) followed the rally, with KODEX WTI Crude Oil Futures (H) gaining 27.12% over the past month and TIGER Crude Oil Futures Enhanced (H) rising 25.76%. Retail investors, however, positioned for a reversal: KODEX WTI Crude Oil Futures Inverse (H), an inverse ETF designed to gain when oil prices fall, attracted ₩87.2 billion in net inflows while losing 20.67%. Brent settled at $108.75 a barrel and WTI at $105.83 on the 15th, both their highest closes since May 19. The rally followed the shutdown of Saudi Arabia's East-West Pipeline after a drone strike, alongside tanker attacks, Houthi control concerns around Red Sea routes, Libyan oil-field shutdowns and Kazakh maintenance. Analysts and brokerages say the length of the pipeline outage will be critical. Estimates range from a short-term inventory buffer of 5–7 days to a potential loss of 120 million barrels of Saudi export volumes during a month-long shutdown. Samsung Securities and KB Securities analysts expect elevated prices to persist amid depleted inventories, unresolved regional tensions and constrained shipping routes, with KB Securities warning prices could exceed $120 if the Bab el-Mandeb Strait is blockaded.