According to Yonhap, S-Oil Corp. swung to a second-quarter net profit as strong refining margins and record lubricant earnings lifted results amid prolonged conflict in the Middle East. The South Korea’s third-largest refiner by sales posted net income of 514.6 billion won ($359 million) for the quarter ended in June, compared with a net loss of 66.8 billion won a year earlier. Operating profit came to 965 billion won, versus an operating loss of 344 billion won, while sales rose 40.9% to 11.34 trillion won from 8.05 trillion won.

S-Oil said steady demand in the second half is expected to support earnings as global crude oil and refined product inventories have fallen sharply because of supply disruptions stemming from the U.S.-Iran war in the Middle East. For the first six months of the year, the company reported net profit of 1.24 trillion won, compared with a net loss of 111.34 billion won a year earlier. S-Oil is also building a 9.26 trillion-won petrochemical complex under its Shaheen project, with trial operations set for late 2026 and production of ethylene, propylene and butadiene expected in early 2027.