What did President Lee Jae Myung say about Korea’s oil price response amid Middle East tensions?

Lee said the government is taking all necessary measures to stabilize oil prices as global crude prices surge. He said the response includes diversifying crude oil imports, price caps, export controls and a strategic oil reserve swap system.

Why did President Lee Jae Myung say Korea is less exposed to Middle East oil supply risks?

He said Korea has reduced its reliance on the Middle East by diversifying crude oil imports. According to his post, the region’s share of imports has fallen from about 70 percent to 50 percent.

What supply disruptions were linked to the latest rise in oil prices?

Lee said disruptions in the Red Sea and the Strait of Hormuz fueled worries about global energy supplies and pushed oil prices back above $100 per barrel. He also said Saudi Arabia shut down its East-West pipeline after it came under aerial attack.

President Lee reassures public over oil prices amid escalating Middle East tensions

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Summary

President Lee Jae Myung reassured Koreans on Saturday that the government is taking measures to stabilize oil prices amid rising global crude prices driven by tensions in the Middle East. He said Korea has diversified crude oil imports, reducing the Middle East share from about 70 percent to 50 percent, and cited oil price caps, export controls and a strategic oil reserve swap system. He also said the government will crack down on oil hoarding and price collusion while compensating local refiners for losses. Lee said, You don’t have to worry about oil prices at all.

Key Facts

The remarks were posted on the social media platform X on Saturday.
Lee said the Middle East share of Korea’s crude oil imports fell from about 70 percent to 50 percent.
He cited oil price caps, export controls and a strategic oil reserve swap system as part of the response.
The government plans to crack down on oil hoarding and price collusion while compensating local refiners for losses from price stabilization measures.

By Yonhap

Published Sep 12, 2026 6:46 pm KST

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.

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