Lee reassures public over oil prices amid escalating Middle East tensions

Seoul, September 12 - President Lee Jae Myung has put South Korean minds at ease regarding soaring oil prices, asserting that the government is implementing all necessary steps to stabilize the market. In a post on X, the President emphasized the government's efforts to diversify crude oil imports, reducing the Middle East's share from approximately 70% to 50%.

Lee also outlined additional measures, including oil price caps, export controls, and a strategic oil reserve swap system. He reiterated the government's commitment to combating oil hoarding and price collusion, while compensating local refiners for any losses due to these stabilization efforts.

The President's reassurances came as disruptions in the Red Sea and the Strait of Hormuz heightened fears of global energy supply issues, driving oil prices back above $100 per barrel. The situation was further exacerbated when Saudi Arabia halted its East-West pipeline following an aerial attack on the critical oil conduit amid the escalating Middle East conflict, raising concerns of additional pressure on energy prices.