Middle East Crisis

South Korea will begin distributing a second round of cash assistance next week to about 36 million people in the bottom 70 percent of income earners. The move seeks to ease financial strains from rising fuel prices amid the war in the Middle East, following an initial April rollout to the most vulnerable groups.

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Finance Minister Koo Yun-cheol said Friday that South Korea's economy continues to maintain solid fundamentals despite the Middle East crisis. He pledged the government will keep an emergency posture until uncertainties subside.

Amid a fuel supply crisis, the Department of Energy (DOE) has authorized the temporary importation and use of Euro 2 petroleum products, which have higher emissions than the Euro 4 standard. The measure is limited to vehicles from 2015 and earlier, traditional jeepneys, power plants, generators, and marine sectors. President Marcos is in talks with several countries for alternative oil supplies.

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President Lee Jae-myung on Friday called for close monitoring of local gas stations to ensure compliance with a fuel price cap, implemented to curb fluctuating costs from international uncertainty and ease consumer burdens. The government enacted the ceiling at midnight. This marks the first such measure since 1997.

South Korean stocks pared early losses to close nearly unchanged on Friday amid the ongoing Middle East crisis stemming from the Iran conflict. The KOSPI index ended at 5,584.87, up 0.02 percent, while the won weakened against the U.S. dollar. Autos and defense shares led the gains.

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Former South Korean President Moon Jae-in called for minimizing the use of force and pursuing diplomatic solutions in the U.S.-Iran conflict during his visit to Los Angeles. He warned that military actions in the Middle East lead to cycles of hatred and revenge. This is his first overseas trip since leaving office.