Middle East crisis
Trade minister urges utmost efforts for oil, naphtha supplies amid Mideast crisis
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Trade Minister Yeo Han-koo has called for utmost efforts to secure alternative oil and naphtha supplies to reduce uncertainties for South Korean companies amid supply disruptions from persisting Middle East turmoil. Yeo held an emergency virtual meeting late Tuesday with commercial attaches and trade officials. In a separate Wednesday meeting with business officials, he discussed requests to countries including India and the UAE.
Prime Minister Kim Min-seok vowed on March 29 to take preemptive measures against possible shortages of daily necessities amid the Middle East crisis disrupting global energy markets and driving up prices. Speaking at an emergency economic headquarters meeting, he described the conflict's aftermath as a complex crisis involving energy supply instability and global supply chain disruptions.
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The South Korean won weakened to 1,508.9 against the U.S. dollar by 3:30 p.m. Seoul time on March 27, down 1.9 won from the prior session and extending losses for a third day amid stalled U.S.-Iran talks over the Middle East crisis. The KOSPI fell further 0.4 percent to 5,438.87 as oil prices surged with the Strait of Hormuz closed.