Acting finance chief warns of heightened volatility amid Middle East tensions

Acting Finance Minister Lee Hyoung-il on Monday warned of heightened volatility in global financial and energy markets amid escalating tensions in the Middle East. Lee made the remarks while presiding over a meeting on macroeconomic trends and risks, citing growing uncertainty after the U.S. military involvement in the region. "Following the U.S. airstrikes, Iran's parliament passed a motion to close the Strait of Hormuz, highlighting the significant uncertainty surrounding the situation," Lee said. "Global oil prices have already opened 2 to 3 percent higher today, signaling increased volatility in international energy markets." Lee instructed related agencies to stay on high alert and closely monitor international energy prices and supply-demand dynamics, emphasizing the need for prompt and coordinated responses. "Relevant authorities must maintain heightened vigilance and conduct thorough inspections of international energy prices and market conditions," he added. As part of efforts to ease the burden on consumers, the government earlier decided to extend its fuel tax reduction measureWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times