Iran Crisis Sparks Fuel Hoarding as Gas Prices Surge 4.3% in Four Days

Cars lined up at a self-service gas station in Guro District, Seoul, from early morning on the 3rd. The clicking sound of fuel nozzle locks releasing echoed continuously throughout the station as drivers rushed to fill up before prices climbed higher.

"Since the war broke out in Iran, daily vehicle traffic has increased by more than 20 cars, and the waiting lines keep growing," said Choi, 66, a station employee. "Customers who used to fill only 70% of their tanks now fill them to 100%."

Customer Yoo, 56, said, "If the war drags on, oil prices will inevitably rise. I plan to fill up in advance before gas prices go up further."

Early signs of fuel hoarding triggered by escalating U.S.-Iran military conflict are raising concerns across the consumer economy and industrial sectors.

According to the Korea National Oil Corporation's Opinet, the national average gasoline price reached 1,766 won per liter on the 4th, up 4.3% from 1,693 won on the 28th of last month. Diesel prices showed a similar trend, rising from 1,598 won to 1,707 won over the same period. Analysts attribute the surge to consumer hoarding psychology combined with a sharp rise in the won-dollar exchange rate.

Online interest in finding cheaper gas stations has also spiked since the war news broke. According to Mobile Index, Opinet's daily active users reached 75,241 on the 28th when the Iran conflict erupted—up 12.6% from 66,797 the same day the previous week and about 12,000 more than the 63,465 recorded on the 27th.

Despite rising fuel prices, gas station operators and refiners remain anxious. They fear a consumption cliff will follow once the temporary panic buying subsides.

"After people fill up in advance, sales will naturally freeze," said Kim Moon-ki, chairman of the Korea Gas Station Association. "It's also difficult to fully pass on oil price increases to consumers, so if the situation drags on, gas stations will inevitably suffer from reduced consumption."

Some gas stations and dealers with large storage tanks are reportedly stockpiling inventory before price increases accelerate.

Small-scale truckers, who fill large quantities at once, face mounting pressure. Sun, 70, who operates a private delivery truck in Yongsan District, Seoul, said, "Commercial vehicles take a direct hit from rising fuel prices. When gas prices spike in a short period, I have to negotiate with customers for even an extra 10,000 won."

Moving companies face a double burden: rising operational costs from the war's aftermath amid an already contracted market.

The deep-sea fishing and shipping industries, which operate large vessels, are also on alert as fuel cost increases could trigger cascading cost pressures.

"When international oil prices rise, both operating costs and domestic logistics costs are affected simultaneously," said an industry official. "On top of that, exchange rates are working against us."

The shipping industry faces more direct damage from route disruptions caused by the Strait of Hormuz blockade.

"The Strait of Hormuz is surrounded by oil-producing countries that are destinations themselves, making maritime detours difficult," a shipping industry official said. "With tanker freight rates and oil prices both surging, the impact on company earnings is highly uncertain."

Oil prices are expected to continue rising as key nodes in the global crude supply chain sustain direct damage. The Strait of Hormuz, which handles 20% of the world's maritime oil transport, has been effectively paralyzed by Iran's threats to attack tankers. Saudi Arabia's Ras Tanura refinery, the world's largest, has halted operations following Iranian airstrikes. The U.S. has signaled retaliation by targeting Iran's oil pipelines.