ISTANBUL

Investigators raided the offices of four major domestic refiners in South Korea on Monday over allegations of price fixing amid rising fuel prices driven by the Middle East conflict, local media reported.

The Seoul Central District Prosecutors' Office raided the offices of SK Energy Co., GS Caltex Corp., S-Oil Corp., and HD Hyundai Oilbank Co., as well as the Korea Petroleum Association, on suspicion of colluding to raise or freeze prices of oil and petroleum-related products in the domestic market, Yonhap News Agency reported.

The move came after President Lee Jae Myung called for a crackdown on potential illegal activities by refiners and gas stations, including price collusion, amid concerns over a fuel price surge.

South Korea is currently enforcing a fuel price cap system to help mitigate concerns over spiraling energy prices due to the US-Israeli war against Iran.

Regional escalation has continued since the US and Israel launched a joint offensive on Iran on Feb. 28, killing over 1,300 people so far, including then-Supreme Leader Ali Khamenei.

Iran has retaliated with drone and missile strikes targeting Israel, along with Jordan, Iraq, and Gulf countries hosting US military assets, causing casualties, damaging infrastructure, and disrupting global markets and aviation.