Iran tanker attack heightens fears of oil disruption

Iran attacked a U.S. oil tanker anchored off Kuwait with a drone on Wednesday local time. After initially blocking the Strait of Hormuz and concentrating its attacks around the vital waterway, Iran has expanded the scope of its strikes to the northern Persian Gulf, known as the Arabian Gulf in Arab countries. As threats mount to oil infrastructure and shipping routes stretching from the Persian Gulf to the Strait of Hormuz, concerns are growing that upward pressure on crude prices will intensify. In Seoul, gasoline prices climbed above 1,900 won per liter on Thursday, reaching their highest level in three years and seven months.

According to Reuters and other media outlets, a large explosion occurred at about 1:20 a.m. Wednesday on the port side of the tanker Sonangol Namibe. The vessel was anchored roughly 56 kilometers southeast of Kuwait’s Mubarak Al-Kabeer Port. The tanker is owned by Swedish company Stena Bulk and was reportedly operated by a U.S. shipping firm. No oil spill or casualties were reported.

The waters where the tanker was attacked lie in the northern Persian Gulf, about 800 kilometers from the Strait of Hormuz. Analysts say that as Iran expands the reach of its attacks across the Persian Gulf, tanker vessels have few safe areas left to seek refuge.

International oil prices are surging as fears grow over global crude supply following Iran’s blockade of the Strait of Hormuz and its attacks on tankers. On Wednesday, West Texas Intermediate crude on the New York Mercantile Exchange closed at $81.01 per barrel, up 8.5 percent from the previous session. The closing price marked the highest level since July 18, 2024, about one year and eight months earlier. Brent crude futures for May delivery on the ICE Futures Europe exchange in London also rose 4.93 percent to settle at $85.41 per barrel.

Domestic fuel prices are also climbing. According to Opinet, the oil price information system operated by the Korea National Oil Corporation, the average gasoline price in Seoul stood at 1,925.47 won per liter as of 2 p.m. Thursday, up 36.40 won from the previous day. It marked the first time gasoline prices in Seoul have exceeded 1,900 won per liter since Aug. 8, 2022, about three years and seven months earlier. The average diesel price in Seoul rose 50.41 won to 1,945.62 won per liter, surpassing gasoline prices. The nationwide average gasoline price stood at 1,866.07 won per liter, up 31.79 won from the previous day.

The government is moving to stabilize fuel prices. President Lee Jae-myung said Thursday that authorities must respond firmly and decisively to unfair profiteering that exploits the public’s hardship, likening excessive fuel price hikes to price gouging. The government has launched on-site inspections targeting potential profiteering by individual gas stations. The presidential office also announced Thursday that South Korea will urgently import more than 6 million barrels of crude oil from the United Arab Emirates.


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