President Lee reassures public over oil prices amid escalating Middle East tensions
President Lee Jae Myung, center, attends a meeting with senior aides at Cheong Wa Dae in Seoul, Friday. Yonhap
President Lee Jae Myung reassured Koreans on Saturday that the government is taking all necessary measures to stabilize oil prices amid a surge in global crude prices caused by escalating tensions in the Middle East.
In a post on the social media platform X, Lee highlighted the government's efforts to diversify crude oil imports to reduce the country's reliance on the Middle East, with the region's share of imports falling from about 70 percent to 50 percent.
He also cited measures including oil price caps, export controls and a strategic oil reserve swap system.
Lee reaffirmed the government's commitment to cracking down on oil hoarding and price collusion, while compensating local refiners for losses stemming from government price stabilization measures.
"You don't have to worry about oil prices at all," Lee wrote.
The remarks came as disruptions in the Red Sea and the Strait of Hormuz fueled concerns over global energy supplies, pushing oil prices back above $100 per barrel.
Adding to the supply concerns, Saudi Arabia shut down its East-West pipeline after the key oil conduit came under aerial attack amid the widening conflict, raising fears of further increases in energy prices.