Market Chatter: South Korea's President Pushes for Fuel Price Cap Amid Middle East Crisis

MT Newswires Live

Mar 09

South Korea's President Lee Jae Myung on Monday urged authorities to impose a cap on domestic fuel prices to cope with the economic fallout from the escalating Middle East conflict, Yonhap News reported on the same day.

The price of Brent oil has soared to $100 per barrel following U.S.-Israeli strikes on Iran and Tehran's retaliatory actions across the Middle East, the report said.

The Korean economy will be significantly burdened by the regional conflict, given the country's reliance on global trade and energy imports from the Middle East, Lee reportedly said during an interministerial meeting.

Further, Lee called for worst-case scenario planning, financial stability measures, and alternative energy strategies in response to the deepening crisis, Yonhap News reported.

Earlier in the day, the Korea Exchange triggered a five-minute sell-side sidecar after the Kospi 200 Futures moved 5%+ for a minute. Investors monitored global energy volatility as West Texas Intermediate (WTI) crude surpassed $100/barrel on Sunday (U.S. time), according to a separate Yonhap News report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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