Migogoro ya Mashariki ya Kati

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Illustration of panicked Seoul stock traders watching KOSPI plunge due to Middle East tensions.
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Seoul stocks open sharply lower amid Middle East crisis fears

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South Korean stocks opened sharply lower on Monday amid rising concerns over a broader Middle East conflict after Iran-backed Houthi militants in Yemen fired missiles at Israel. The benchmark KOSPI fell 240.94 points, or 4.43 percent, to 5,197.93 in the first 15 minutes of trading. Global oil prices climbed while U.S. troop deployments heightened fears.

Benki ya Dunia imetangaza mpango wa kushirikiana kutoa misaada ya kifedha nchi hatari kama Kenya kutokana na athari za vita vya Mashariki ya Kati. Rais William Ruto ameonya wauzaji mafuta dhidi ya kuhifadhi mafuta ili kufaidika. Hii inatokea huku bei za mafuta zikipanda na maduka mengine ya petroli yakiripoti upungufu.

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An Iranian missile struck the Prince Sultan Air Base near Riyadh on Friday, wounding several U.S. service members and damaging aircraft. A U.S. official confirmed the injuries at the Saudi-U.S. shared facility. The attack comes amid ongoing Iranian strikes on U.S. bases since the war began a month ago.

Following initial de-escalation efforts including a proposed mediation visit by President Prabowo, Indonesia has postponed its 2026 D-8 Summit due to the worsening Middle East conflict and confirmed it did not co-sponsor UN Security Council Resolution 2817 condemning Iran's attacks on Gulf states.

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The South Korean government plans to swiftly prepare a supplementary budget using excess tax revenue to ease livelihood burdens from the Middle East conflict, without issuing additional state bonds. This follows an order from President Lee Jae Myung. The budget will focus on alleviating logistics and fuel costs while supporting low-income households.

Building on initial calls for de-escalation, China has ramped up diplomatic efforts including Foreign Minister Wang Yi's outreach to 11 nations and special envoy Zhai Jun's regional shuttle diplomacy to secure an immediate ceasefire in the US-Israel-Iran conflict, now in its 12th day.

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Industry sources say Indian airline operators are now paying additional insurance charges for every aircraft flying into the Middle East. This is significantly increasing the cost of operations on these routes. Fares may rise as a result.

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