Middle East conflict
South Korea to restrict naphtha exports starting Friday
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South Korea will restrict naphtha exports starting Friday due to supply shortages from the Middle East conflict. The measure follows U.S. and Israeli airstrikes on Iran that have effectively closed the Strait of Hormuz. The government plans support including expanded low-interest loans for domestic firms.
Energy Secretary Sharon Garin warned of a possible fuel price increase starting April 20, following a rollback announced by President Ferdinand Marcos Jr. effective April 14. She attributed this to uncertainties involving US President Donald Trump and Middle East conflicts. Garin shared this during a Senate PROTECT committee hearing on April 13.
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German Chancellor Friedrich Merz urged Israeli Prime Minister Benjamin Netanjahu in a phone call to end the fighting in south Lebanon. He encouraged direct peace talks with the Lebanese government and called on Hezbollah to lay down its arms. Foreign Minister Johann Wadephul welcomed upcoming talks between Israel and Lebanon.