Shares of Korean oil refiners jumped Monday on anticipation of strengthening in gasoline prices as the result of disruption in the world’s biggest petroleum supplier following Saturday’s drone attacks in Saudi Arabia that knocked out more than half of the country’s crude output, equivalent to 5 percent of world supplies.

Brent crude futures upon the news opened Monday at $71.95 after adding the biggest-ever intraday gain of $11.73 per barrel, or 19 percent, in Singapore. The Brent then pared some of that to trade 12.35 percent higher at $67.66 per barrel on the ICE Futures Europe.

Refining stocks on the Korean bourses have rallied Monday in line with the surge in global oil prices.

Shares of S-Oil Corp., third-largest refiner base in Korea wholly owned by Saudi Aramco, opened the day 3.8 percent higher and closed Monday 2.31 percent up at 102,000 won, with SK Innovation and GS up 2.67 percent and 2.95 percent, respectively.

Kukdong Oil & Chemicals also rose 13 percent to finish at 3,915 won, and Hankook Shell Oil added 1.19 percent to end at 340,500 won.

Investors, however, remained mixed about chemical stocks. Korea Petroleum Industries, Kumho Petrochemical, Aekyung Petrochemical, Hanwha Chemical and Lotte Chemical were among the gainers, while Korea Petrochemical Ind, LG Chem and Hyosung Chemical were not.

Meanwhile, airliner shares all were down on the morning trade due to concerns over a possible hike in fuel costs. Korean Air Lines down 1.67 percent, Asiana Airlines 0.72 percent, Jeju Air 2.24 percent, Jin Air 2.33 percent, and Tway Holdings 2.7 percent.

Korean Air Lines finished the day 0.84 percent higher at 24,100 won, and Jin Air unchanged at 15,000 won, whereas Asiana Airlines fell .09 percent to 5,460 won, Jeju Air 1.22 percent to 24,300 won, and Tway Holdings 0.54 percent to 1,840 won.

The country’s overall stock markets remained calmer than expected on expectations that the surge in global oil prices led by the drone attacks would not last long. Korea’s main stock index Kospi recouped early loss, trading at 2,062.22, which is up 0.64 percent from the previous session on Monday.

The drone attacks in Saudi Arabia won’t cause an immediate oil shortage in Korea that relies entirely on oil imports, the Ministry of Trade, Industry and Energy said after an emergency meeting. Korean refiners are not experiencing any delay in oil loading in Saudi Arabia because the export port in the Middle Eastern country is located far from those oil facilities under attack, an unnamed official at the trade ministry confirmed.

The Saudi Arabia government as well as the United States and the International Energy Agency vowed to closely monitor the situation in Saudi Arabia to tap the emergency oil reserves and keep the markets “well-supplied.”

By Kim Duk-sik and Lee Ha-yeon

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