Brent crude for November delivery rose 6.3% to $107.63 a barrel on the London ICE Futures Exchange on the 10th local time, marking a fifth straight session of gains. WTI for October delivery climbed 6.7% to $102.48. Prices have rebounded as renewed U.S.-Iran clashes worsen the Middle East outlook, with attacks involving Saudi Aramco facilities and an Iranian tanker near the Strait of Hormuz raising fears of a prolonged conflict. The rebound has eased concerns about reverse lagging, when refiners buy crude at high prices but later sell products at lower prices. South Korean refiners including SK Innovation, GS Caltex and S-Oil had benefited from the opposite lagging effect in the first half, as rising oil prices lifted the value of products made from cheaper crude. Strong refining margins are also supporting the outlook: the Singapore complex margin rose from about $20 a barrel through June to the high $40s in July and remains around $40, roughly eight times the $4-$5 break-even level. Analysts and industry sources expect margins and refinery earnings to remain firm because damaged facilities in Russia and the Middle East have disrupted product supply, while new refinery capacity has expanded slowly. S-Oil’s third-quarter consensus operating-profit forecast is 1.0574 trillion Korean won, while NH Investment & Securities estimates 1.2945 trillion won. Shinhan Securities expects SK Innovation’s 2026 operating profit to reach 9.2187 trillion won, with the refining division generating 2 trillion won in the second half. Short-term oil-price and margin corrections remain possible if geopolitical risks ease, but restoring refining capacity and rebuilding inventories could take longer than rerouting crude supplies.