International oil prices have surged past $100 per barrel due to heightened tensions in the Strait of Hormuz following mutual tanker attacks between the U.S. and Iran. The shift from high oil prices and high exchange rates in the first half of the year to high oil prices and low exchange rates in the second half has left companies expressing fatigue over frequent macroeconomic changes.
As of September 4, Dubai crude, primarily imported by South Korea, was trading at $101.91 per barrel, marking a 58% increase from $64.5 two months ago.
Brent crude was priced at $96.28, while Texas crude reached $91.48, both reflecting increases of 14.9% and 13.8%, respectively, compared to a month earlier.
The rise in oil prices is attributed to the difficulties faced by 'dark transit' tankers, which transport oil produced by Saudi Arabia, the United Arab Emirates, and Kuwait outside the Strait of Hormuz. These vessels have become increasingly vulnerable to Iranian attacks, leading to significant price hikes. 'Dark transit' refers to the practice of turning off Automatic Identification Systems (AIS) to avoid detection, thereby risking collisions.
Experts are concerned that escalating tensions between the U.S. and Iran could lead to a return to a high oil price environment, with prices potentially exceeding $120 per barrel as seen in the first half of the year.
Heo Jun-young, a professor of economics at Sogang University, stated, "Given the weakened U.S. defensive capabilities in the region and Iran's declaration of total resistance, it will be difficult to avoid rising oil prices for the time being. The situation largely depends on the stance of the Trump administration, but there are signs that they will not back down in the short term."
Industries such as petrochemicals, aviation, food, and travel, which struggled during the first half of the year due to high oil prices, are now facing renewed tension. Although the strengthening of the Korean won offers some relief, the outlook for improved performance remains bleak.
Major corporations are convening executive meetings to urgently revise their management plans for the second half of the year. Strategies include cost-cutting, diversifying supply chains, and implementing emergency management systems to mitigate the secondary impacts of high oil prices.
For instance, Samsung Electronics' mobile division is currently facing declining profitability due to soaring memory prices but is adopting a strategy of absorbing losses to maintain market share. However, if high oil prices lead to increased raw material and transportation costs, adjustments will be unavoidable, potentially resulting in further price hikes for mid-range products to defend profitability.
A business insider noted, "If high oil prices return, domestic companies will have to reactivate their emergency response systems and thoroughly reassess or delay their planned investments for the second half of the year, focusing on cash preservation. Some are already developing phased emergency management scenarios based on oil prices, logistics costs, and exchange rate trends at the group control tower level."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.