South Korea PM Urges Early Securing of Crude Supplies Amid Middle East Tensions

South Korean Prime Minister Han Duck-soo on Thursday instructed economic officials to secure crude oil supplies for the coming months as tensions in the Middle East rise again. According to Sina Finance, Han said South Korea already has enough crude oil stockpiled to last until the end of October, with reserves at more than 90% of the level seen a year earlier. She added that if tensions in the Middle East continue, more work will be needed to secure crude supplies after October. Han also told officials to closely monitor conditions in key shipping routes such as the Strait of Hormuz and the Red Sea, as well as supply and demand for key raw materials, while trying to minimize the negative impact of higher oil prices. Han said the government also needs to stabilize consumer goods prices before the upcoming Chuseok holiday and take strict action against any behavior that disrupts price stability.