Oil prices
South Korean gov't, ruling party agree on 25 trillion-won supplementary budget amid Middle East crisis
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South Korea's government, ruling Democratic Party and presidential office agreed on a 25 trillion-won supplementary budget to address the Middle East crisis. The bill is set for submission to the National Assembly by end-March and passage on April 10. It aims to ease high oil prices and economic uncertainties.
The South Korean won opened at 1,503.2 against the U.S. dollar on Thursday, down 3.5 won from the previous session, amid mixed signals on U.S.-Iran talks to end their monthlong conflict. The White House said Wednesday that the two sides had held 'productive' discussions, while Tehran insisted no negotiations took place. Global oil prices have surged with the Strait of Hormuz effectively closed, raising concerns for energy-import-dependent South Korea.
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South Korea's producer price index (PPI) rose 0.6 percent from a month earlier to 122.56 in February, marking the sixth consecutive monthly increase due to higher agricultural costs and global oil prices, Bank of Korea data showed. A key gauge of future consumer inflation, the index was up 2.4 percent year-on-year, the fastest growth since July 2024.