{
  "id": 6903396,
  "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",
  "topic": "world",
  "section": "World",
  "published": "2026-09-12T10:07:03.000Z",
  "source": {
    "name": "The Korea Times",
    "slug": "the-korea-times-koreatimes",
    "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": null,
  "summary": "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.",
  "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",
        "published": "2026-09-12T09:52:03.000Z"
      },
      {
        "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."
}