SEOUL, March 09 (AJP) - The global energy market plunged into turmoil Monday as fears of a prolonged Middle East conflict sent crude prices soaring.
Brent crude had surged 25 percent from the previous session to $116 per barrel, while U.S. benchmark West Texas Intermediate (WTI) jumped 27 percent to $115.
Dubai crude — the benchmark most relevant for Asian importers — also breached the $100 mark after the March 6 close, marking its sharpest rise in more than two and a half years since the early months of the Russia-Ukraine war in 2022.
The shockwave quickly reached Seoul, where financial markets and daily life began absorbing the impact.
The main bourse was repeatedly interrupted as the sell-off gathered pace. South Korea’s benchmark KOSPI closed at 5,251.9, down 6 percent, after plunging more than 8 percent during the session and briefly touching 5,096.2.
The plunge triggered a Level-1 circuit breaker, halting trading for 20 minutes.
Since Feb. 28, gasoline prices have risen about 11 percent and diesel roughly 18 percent.
The surge in marine fuel costs and demand for maritime logistics pushed diesel prices above gasoline — the first such reversal since February 2023, when sanctions on Russian refined oil disrupted global fuel markets.
Authorities moved quickly to stabilize markets.
The Bank of Korea convened an emergency Middle East Situation Task Force chaired by Senior Deputy Governor Ryoo Sang-dai.
Verbal intervention from the central bank helped trim some of the currency’s losses, pulling the won back toward the 1,495 level.
Still, the measures struggled to anchor sentiment as market anxiety continued to dominate trading.
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