{
  "id": 6901839,
  "title": "President Lee reassures public over oil prices amid escalating Middle East tensions",
  "url": "https://urgent.news/2026/09/12/president-lee-reassures-public-over-oil-prices-amid-escalating-middle",
  "topic": "world",
  "section": "World",
  "published": "2026-09-12T09:52:03.000Z",
  "source": {
    "name": "The Korea Times",
    "slug": "the-korea-times",
    "url": "https://www.koreatimes.co.kr/southkorea/politics/20260912/president-lee-reassures-public-over-oil-prices-amid-escalating-middle-east-tensions"
  },
  "original_language": "en",
  "account": "President Lee Jae Myung issued a statement on Saturday to calm public concerns over oil prices amidst the rise in global crude prices due to heightened tensions in the Middle East. In a post on the social media site X, the President emphasized the government's measures to stabilize oil prices.\n\nLee pointed out the government's efforts to diversify crude oil imports, aiming to lessen Korea's dependence on the Middle East. The share of Middle Eastern imports had dropped from roughly 70% to 50%. He also mentioned other steps, such as imposing oil price caps, implementing export controls, and establishing a strategic oil reserve swap system.\n\nThe President reiterated the government's dedication to combating oil hoarding and price collusion, while compensating local refiners for any losses incurred from the government's price stabilization policies.\n\nThe remarks followed disruptions in the Red Sea and the Strait of Hormuz, which had raised worries about global energy supplies and pushed oil prices back above $100 per barrel. Furthermore, Saudi Arabia had shut down its East-West pipeline following the critical oil conduit coming under attack.",
  "summary": "President Lee Jae Myung reassured Koreans on Saturday that the government is taking all necessary measures to stabilize oil prices amid a surge in global crude prices caused by escalating tensions in the Middle East. In a post on the social media platform X, Lee highlighted the government's efforts to diversify crude oil imports to reduce the country's reliance on the Middle East, with the…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 7,
    "also_reported_by": [
      {
        "outlet": "New Straits Times",
        "title": "Anwar calls for 'maximum restraint' as Middle East conflict drags on",
        "url": "https://urgent.news/2026/09/12/anwar-calls-for-maximum-restraint-as-middle-east-conflict-drags-on",
        "published": "2026-09-12T08:24:21.000Z"
      },
      {
        "outlet": "Yonhap News",
        "title": "Lee reassures public over oil prices amid escalating Middle East tensions",
        "url": "https://urgent.news/2026/09/12/lee-reassures-public-over-oil-prices-amid-escalating-middle-east",
        "published": "2026-09-12T09:09:50.000Z"
      },
      {
        "outlet": "The Vibes",
        "title": "Modi faces BRICS unity test as Middle East war deepens",
        "url": "https://urgent.news/2026/09/12/modi-faces-brics-unity-test-as-middle-east-war-deepens",
        "published": "2026-09-12T09:26:00.000Z"
      },
      {
        "outlet": "The Korea Times",
        "title": "President Lee reassures public over oil prices amid escalating Middle East tensions",
        "url": "https://urgent.news/2026/09/12/president-lee-reassures-public-over-oil-prices-amid-escalating-middle-6903396",
        "published": "2026-09-12T10:07:03.000Z"
      },
      {
        "outlet": "Free Malaysia Today",
        "title": "Iran president says Middle East has no need for US ‘policeman’",
        "url": "https://urgent.news/2026/09/12/iran-president-says-middle-east-has-no-need-for-us-policeman",
        "published": "2026-09-12T10:07:30.000Z"
      },
      {
        "outlet": "The Economic Times",
        "title": "Xi’s message to BRICS as Middle East war rages",
        "url": "https://urgent.news/2026/09/12/xis-message-to-brics-as-middle-east-war-rages",
        "published": "2026-09-12T10:27:26.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}