Panic Buying of Fuel Spreads, Petrol Station Queues Grow Long

Queues stretched at several fuel stations in Seoul, South Korea, on Wednesday (4 March 2026), as motorists filled their tanks amid a spike in global oil prices driven by the conflict in Iran. Drivers warned that prices would likely continue to rise in the coming days. ‘I feel today might be the cheapest fuel for a while, so I came to fill my tank,’ said Shin Yong-in, 70. He said this situation differed from the Russia-Ukraine war, especially after reports that Iran had blocked the Strait of Hormuz, a vital energy shipping route. Although panic-buying had not yet become evident, station operators noted longer queues than usual. Several motorists admitted concerns about further price rises, given geopolitical uncertainties and currency volatility. ‘We do not produce our own oil, and the international situation is getting more serious every day,’ said Lee Kang-suk, 72. He also highlighted the won’s weakness against the US dollar, which was seen as adding to price pressures. South Korea imports almost all of its crude oil, making it vulnerable to supply disruptions and currency fluctuations. The won briefly weakened past 1,500 per dollar for the first time in 17 years before recovering, after the central bank signalled willingness to curb excessive market volatility. Some residents questioned the effectiveness of the government’s energy stockpiles. ‘I’m not sure whether to trust the claim that the country has about a year’s worth of crude oil reserves, especially when the exchange rate has risen by around 20 won,’ said Yoo Choong-in, 58. Analysts warned that the Iran war and the potential closure of the Strait of Hormuz could push Brent crude above $100 a barrel if the conflict persists. Brent rose more than 7% on Tuesday, hitting its highest level since July 2024. The rise in energy prices is seen as posing risks to inflation, the current account balance, and growth in developing economies, including South Korea. Goldman Sachs estimates that a jump in Brent from $70 to $85 per barrel could add around 0.7 percentage points to inflation in developing Asia, while shaving about 0.5 percentage points off regional growth.