South Korean refining stocks rose sharply as international oil prices extended gains for a fourth consecutive trading session amid renewed military tensions between the United States and Iran. Concerns about supply disruptions through the Strait of Hormuz, a major crude shipping route, strengthened expectations that refining margins (the spread reflecting refiners’ profitability) will remain elevated. As of 9:40 a.m. on September 4, S-Oil (010950) traded at 162,800 won, or approximately $120, up 10.07% from the previous session. GS rose 6.39% to 126,500 won, or approximately $93, and SK Innovation (096770) gained 4.89% to 137,200 won, or approximately $100. S-Oil had earlier risen as much as 9.87% at 9:17 a.m., while KOSDAQ-listed Heunggu Oil (024060) gained more than 2%. October-delivery WTI crude futures settled at $91.30 a barrel on September 3 local time, up 0.32% and marking a fourth straight daily increase. November-delivery Brent futures fell 0.12% to $95.52 after briefly exceeding $97 intraday. U.S. Vice President JD Vance said the United States would not talk to Iran until it stopped attacking commercial shipping, adding that Washington had economic, military and diplomatic tools available. Iran’s attacks continued, with Kuwait’s military saying its air defenses intercepted missiles and drones. Analysts said refining profitability is also benefiting from rising inventory values, recovering crude procurement through alternative routes and sluggish finished-product supply caused by refinery restoration delays. Lee Dong-wook, an analyst at IBK Securities, said inventories were not building despite near-maximum utilization, while disruptions in Russia and the Middle East, low Rhine River water levels and constrained U.S. capacity were supporting margins. He said gasoline and diesel cracks were already historically high and that the key investment question was how long current margins would last, rather than whether they could rise further. S-Oil has the greatest earnings sensitivity because of its high refining and base-oils exposure, while SK Innovation is expected to benefit in the same direction. The stock rally prices in prolonged Middle East uncertainty and limited prospects for renewed U.S.-Iran dialogue, although Brent’s lower close after its intraday reversal indicates the oil uptrend may not be one-sided.