Lee Jae Myung Touts Measures to Stabilize Oil Prices Amid Middle East Tensions

South Korea's President Lee Jae Myung has moved to reassure citizens about rising oil prices amid escalating tensions in the Middle East. The region is a major supplier of crude oil to the country, and disruptions have pushed global energy supplies into uncertainty.

The President highlighted measures taken by his government to stabilize oil prices, including diversifying crude oil imports to reduce reliance on the Middle East. This has resulted in a decrease from 70% to 50% of total imports coming from the region.

Other measures mentioned include implementing oil price caps, export controls, and a strategic oil reserve swap system. Lee Jae Myung also emphasized efforts to combat oil hoarding and price collusion while compensating local refiners for losses incurred due to government intervention.