South Korea Keeps Oil Price Caps Amid Middle East Tensions

South Korean President Lee Jae Myung instructed senior officials to maintain oil price caps until global prices stabilize. The move comes amid renewed tensions in the Middle East, which have driven oil prices to around $100 per barrel for the first time since May.

The Seoul government introduced fuel price caps in mid-March to mitigate domestic price volatility. President Lee emphasized that preemptive measures should be taken promptly to minimize the impact on domestic prices.

In a meeting with his senior aides, Lee also instructed officials to maintain other related measures, such as oil tax cuts. If the situation worsens, further action should be considered to ease the burden on people's livelihoods, he said.