South Koreans were seen lining up at petrol stations to fill up their cars on Tuesday (March 10) as fears over rising oil prices mounted amid the conflict in Iran.

Drivers in Seoul tried to fill up their cars before prices climbed further.

"I came by this budget gas station to fill up as much as I can since it's cheaper, even if it means waiting a bit. Then, the moment I started pumping, I was thinking, 'Is it really diesel? what's going on?.' Seeing prices steadily going up, even compared with gasoline, made me feel very uneasy. It's been a while since I filled up this much," said South Korean customer, Lee Seo-A.

On Monday (March 9), International benchmark Brent crude rocketed over 20% in early Asian trade, hitting $114 a barrel, the biggest daily gain since the start of the pandemic in 2020.

Even though oil prices plunged at the start of trading on Tuesday, following a volatile session for markets overnight after the U.S. President Donald Trump declared the Middle East war could be "over soon," station operators saw more care queuing.

“Whenever I pass a rest stop or a gas station these days, I check which one has the lowest price. If it’s relatively cheap, I try to stop and fill up before getting back on the road,” said South Korean customer, Bang Hak-Gyung.

The CEO of Saudi Arabia's state-owned oil company Aramco warned on Tuesday during a media call that the extended disruption caused by the Strait of Hormuz closure could have "catastrophic" consequences on global oil markets.

South Korean President Lee Jae Myung said on Monday that authorities would cap domestic fuel prices for the first time in nearly 30 years to contain a spike in prices after the conflict in the Middle East sent global crude prices sharply higher.

Posted by: AAngeles/NET25 News