President Lee reassures public over oil prices amid escalating Middle East tensions

President Lee Jae Myung has reassured the Korean public that the government is taking comprehensive measures to stabilize oil prices amid rising global crude prices driven by heightened tensions in the Middle East. In a post on X, Lee emphasized the government's strategy of diversifying crude oil imports, noting that the Middle East's share of imports has decreased from approximately 70% to 50%.

The administration has also implemented various measures such as oil price caps, export controls, and a strategic oil reserve swap system to mitigate the impact of these fluctuations. Lee further pledged the government's commitment to combating oil hoarding and price collusion while compensating local refiners for any losses incurred due to the stabilization efforts.

The president's reassurances come in the wake of disruptions in the Red Sea and the Strait of Hormuz, which have heightened concerns over global energy supplies and pushed oil prices back above $100 per barrel. Additionally, Saudi Arabia's shutdown of its East-West pipeline, following the key oil conduit being targeted, further exacerbates the supply concerns.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.