Journalist

Lee Hugh
  • Middle East crisis deepens divide between South Korean industries
    Middle East crisis deepens divide between South Korean industries SEOUL, March 6 (AJP) - A triple whammy of high oil prices, a weakening Korean won and rising raw-material costs is casting darkening clouds across South Korean industries following U.S.‑led airstrikes on Iran, as markets and companies grapple with the fallout from the escalating Middle East conflict. Energy-intensive sectors are seeing production costs soar due to rising oil and petroleum prices, with traditional manufacturing sectors including petrochemicals and steel facing the heaviest pressure as costs climb and demand weakens, according to industry insiders. As of early this week, international oil prices briefly surged to over US$80 a barrel. For a heavily export-driven country like South Korea, which depends on imports for more than 90 percent of its energy, higher oil prices translate directly into increased manufacturing costs. The South Korean currency has also been fluctuating, trading near 1,500 won against the greenback, further increasing the cost of importing raw materials. But not every sector is feeling the pinch. AI-driven industries including semiconductors, defense, and shipbuilding, are benefiting from strong global demand, creating a growing divide between sectors. The rising adoption of AI is giving the semiconductor industry fresh growth momentum. According to a forecast by market research Gartner, the global semiconductor market is expected to grow by about 16 percent this year from a year earlier, fueled by increasing investment in data centers and AI infrastructure, boosting demand for memory chips. Defense and shipbuilding sectors are also benefiting from a shifting global security environment. South Korea's defense exports have held at more than $10 billion in recent years, and shipbuilders have secured roughly three years' worth of orders as demand rises for LNG carriers and eco-friendly vessels. Experts warn that divides between sectors could widen further if the ongoing conflict in the Middle East drags on. "Some South Korean industries have been steadily losing ground to China, and crises like the Iran conflict would further expose their vulnerabilities," said Lee Bu-hyung of the Hyundai Research Institute. He emphasized the need for a long-term strategy to overhaul the country's industrial structure. 2026-03-06 17:54:10
  • Yeocheon NCC Declares Force Majeure as Hormuz Disruption Hits Naphtha Supply
    Yeocheon NCC Declares Force Majeure as Hormuz Disruption Hits Naphtha Supply U.S. and Israeli airstrikes on Iran have heightened tensions in the Middle East, sending shock waves through South Korea’s petrochemical industry. With disruptions in naphtha feedstock supply after the closure of the Strait of Hormuz, Yeocheon NCC has declared force majeure, raising concerns among domestic companies that rely on its ethylene supplies. Industry officials and foreign media reported on Thursday that Yeocheon NCC notified major customers on March 4 that product deliveries could be delayed or adjusted and declared force majeure after it could no longer secure naphtha due to the Hormuz closure. The move followed a halt in imports of Middle East-origin naphtha, including from Saudi Arabia, amid the impact of Iran’s drone attacks and the strait’s shutdown. Yeocheon NCC is a joint venture of Hanwha Solutions and DL Chemical and is South Korea’s largest single ethylene production hub, with annual capacity of 2.285 million tons. As restructuring continues across the sector, its third plant has been shut down, leaving only Plants 1 and 2 operating. Hanwha Solutions confirmed reports of the force majeure declaration. The company was reported to have told some customers that contract performance could be temporarily delayed or revised due to disruptions in Middle East naphtha supply following the outbreak of war between the United States and Iran. In a letter to customers, Yeocheon NCC said it was declaring force majeure because the Middle East crisis had disrupted feedstock supply. It said it had no choice but to run all production facilities at minimum capacity starting March 4, outlining plans to cut operating rates. “As geopolitical tensions in the Middle East have suddenly and sharply escalated, we are experiencing severe disruptions in raw material procurement,” it said, adding that the Hormuz closure had significantly delayed the arrival of naphtha feedstock scheduled for delivery in March. Naphtha prices have risen more than 20% since the crisis began. Force majeure is a contract clause that can exempt a seller from liability when performance becomes difficult due to events beyond its control, such as natural disasters or war. The declaration is expected to directly affect Hanwha Solutions and DL Chemical, Yeocheon NCC’s major shareholders and key customers. Yeocheon NCC has supplied the two companies with ethylene and other basic feedstocks through pipelines. For ethylene, it supplies 1.4 million tons a year to Hanwha Solutions and 735,000 tons a year to DL Chemical. Analysts said the situation could worsen if the disruption drags on and inventories run down. NICE Credit Rating said that, considering cargoes shipped before late February and existing stockpiles, major domestic naphtha cracking centers appear to have about one month of reserves. It said companies are likely to respond by lowering operating rates, adjusting maintenance schedules and securing alternative sources to manage supply uncertainty.* This article has been translated by AI. 2026-03-06 17:39:29
  • Asian markets end first war week edgy, KOSPI most volatile
    Asian markets end first war week edgy, KOSPI most volatile SEOUL, March 6 (AJP) — Asian stock markets wrapped up one of their most volatile weeks in recent years as escalating tensions in the Middle East rattled global financial markets and pushed oil prices higher. The wildest swings were seen in Seoul, where panicky selling and frantic bargain-hunting traded places throughout the four-session, war-dominated week. The benchmark KOSPI closed at 5,584.87, down more than 10 percent from a week earlier before the strikes on Iran and 11 percent below its historic high of 6,347.41 on Feb. 26. In the first two sessions following the outbreak of hostilities, the KOSPI plunged 19 percent, before rebounding roughly 10 percent on Thursday. On Friday, the index barely stayed positive after swinging between 5,381.27 and 5,609.98 during the session. The tech-heavy KOSDAQ fared slightly better, edging up 0.43 percent to close at 1,154.67. Defense shares outperformed as investors bet on rising geopolitical demand. LIG Nex1 jumped 9.31 percent to 834,000 won on expectations for additional orders of missile interceptor systems deployed along Middle Eastern borders near Iran. Hanwha Aerospace rose 7.24 percent to 1,481,000 won, while Hanwha Systems gained 5.37 percent to 158,900 won and Hanwha Ocean climbed 3.77 percent to 126,700 won. Chipmakers, however, were primary targets for profit-taking. Samsung Electronics fell 1.77 percent to 188,200 won, while SK hynix slipped 1.81 percent to 924,000 won. Automakers and battery makers traded higher. Hyundai Motor rose 0.91 percent to 553,000 won, and Kia gained 0.36 percent to 167,000 won. LG Energy Solution added 1.62 percent to 377,500 won, while Samsung SDI jumped 4.59 percent to 410,500 won. Energy-related shares also advanced. Doosan Enerbility surged 8.29 percent to 98,000 won, and HD Hyundai Electric climbed 2.78 percent to 444,000 won. Internet and brokerage stocks posted gains as well. NAVER rose 1.14 percent to 222,500 won, while Mirae Asset Securities advanced 2.91 percent to 67,100 won. Financial shares were mixed. KB Financial slipped 1.07 percent to 147,400 won, Shinhan Financial declined 1.18 percent to 91,800 won, and Samsung Life Insurance fell 1.87 percent to 210,000 won. Among other large caps, Samsung Biologics dipped 0.18 percent to 1,644,000 won, while Samsung C&T dropped 3.24 percent to 283,500 won. SK Square declined 2.30 percent to 553,000 won, and Korea Zinc edged down 0.40 percent to 1,752,000 won. Retail investors dominated trading during the turbulent week, with net purchases totaling 2.95 trillion won ($2 billion). Foreign investors and institutions were net sellers, offloading 1.94 trillion won and 1.11 trillion won, respectively. Elsewhere in Asia, markets showed more moderate swings. Japan’s Nikkei 225 rose 0.62 percent to close at 55,620.84 on Friday, trimming part of the week’s losses. The benchmark index, however, remained down about 4.06 percent over the past five sessions, reflecting persistent caution among investors. China’s Shanghai Composite gained 0.38 percent to 4,124.19 on Friday, but the index still fell roughly 0.66 percent over the past five days, signaling a cautious recovery as investors weighed geopolitical risks and global market volatility. Separately, the Hurun Global Rich List reported that China — including Hong Kong, Macau and Taiwan — once again hosts the world’s largest number of billionaires, with 1,110 out of the global total of 4,020. Rupert Hoogewerf, founder of the Hurun Global Rich List, said the surge was partly driven by global stock market gains and the rapid expansion of artificial intelligence industries, with new billionaires emerging from Chinese AI firms such as MiniMax and Zhipu AI. 2026-03-06 17:32:19
  • Day 7 Middle East War: Trumps Iran war exposes fractured alliances and global ripples
    Day 7 Middle East War: Trump's Iran war exposes fractured alliances and global ripples SEOUL, March 06 (AJP) - The U.S.-Israeli strikes on Iran under Operation Epic Fury have done more than cripple Tehran’s leadership and military infrastructure. They have also exposed deep fractures in the Western alliance system and revived questions about the future of the post–World War II international order. The campaign began with the assassination of Iranian Supreme Leader Ayatollah Ali Khamenei on Feb. 28 — a dramatic opening move that President Donald Trump framed as a decisive effort to dismantle Iran’s military and nuclear capabilities. Yet the manner in which the operation unfolded — executed without meaningful consultation with traditional allies — has underscored a striking shift in Washington’s approach to global security: rapid unilateral action first, alliance management later. As Iranian missiles and drones struck Gulf targets, including near Dubai’s airport, the war quickly illustrated the unpredictable consequences of that approach. Italy’s defense minister Guido Crosetto, who happened to be vacationing in Dubai when retaliation hit the United Arab Emirates, later acknowledged that even analysts had not expected Iranian strikes on Gulf commercial hubs. Allies left in the dark Europe’s major powers — long pillars of the transatlantic alliance — were largely excluded from pre-strike deliberations, forcing governments into awkward post-facto positioning. French President Emmanuel Macron publicly acknowledged Paris had been “neither informed nor involved,” a rare and pointed rebuke that echoed across Europe. The European Union eventually convened an emergency security meeting more than two days after the strikes began, highlighting the continent’s discomfort with a war initiated outside its consultation structures. Even Britain, traditionally Washington’s closest military partner, found itself politically divided. Prime Minister Keir Starmer had earlier denied U.S. access to the British-controlled Diego Garcia base in the Indian Ocean. His subsequent cautious endorsement of the strikes drew criticism from both Labour’s anti-war wing and Conservative hawks demanding stronger support for Washington. The diplomatic confusion extended across the Middle East as well. Gulf states condemned violations of their airspace while simultaneously bracing for Iranian retaliation across the region. Saudi Arabia, the United Arab Emirates and other Gulf monarchies have since faced waves of drone and missile attacks on civilian and energy infrastructure. Russia, meanwhile, has limited its response largely to rhetoric. Foreign Minister Sergei Lavrov condemned the strikes as aggression following talks with Iranian officials, but Moscow has offered little tangible assistance. The muted response reflects Russia’s weakened position after years of geopolitical setbacks, including heavy losses in Ukraine and the collapse of allied governments in parts of the Middle East. No coalition for ground war Security experts say the structure of the operation itself suggests Washington is not seeking a multinational ground campaign similar to those in Iraq or Afghanistan. Andrew Gordon of Harvard University said Trump’s decision to launch the war without building an international coalition will likely deter allied participation in any potential invasion. “No one expects multiple countries to join a U.S. intervention sending troops into Iran,” he said. Instead, analysts say the operation appears designed as an air- and cyber-heavy campaign aimed at weakening the Iranian state without occupying the country. Chiara Redaelli of the University of Geneva described the strategy as a shift toward coercive regime pressure conducted largely from the air. “The operation signals a move from limited strikes toward sustained military pressure without the political burden of occupation,” she said. Several analysts also expect the conflict to remain relatively short. Muhamed H. Almaliky of Harvard argues Iran’s missile and drone stockpiles could be depleted within several weeks if the country receives no outside assistance. He added regarding Iran: "Iran does not have partners or allies of the type willing to endure the risk and consequences of joining it. Apart from the proxies in Lebanon, Iraq and Yemen who are not expected to have a substantial impact on the course of the war." European participation is likely to remain limited to defensive naval deployments protecting shipping lanes, according to historian Jeremy Friedman of Harvard. A short war — but lasting disruption Even if the fighting ends quickly, analysts warn the geopolitical and economic disruptions could persist far longer. Christian Bueger of the University of Copenhagen notes that insurance premiums, shipping routes and global energy markets often remain unstable well after military operations subside. “The conflict itself may last weeks, but disruptions to trade and maritime security can last much longer,” he said. Bueger added, "U.S. leadership continues to be unpredictable. For Korea, stable regional and international partnerships become ever more important. That includes the relationship to Japan, but also ASEAN and the EU." Kenneth Rogoff, the Harvard economist, adds that the war’s strategic lessons will be closely watched by other states. He said regarding the possibility of other countries joining the war: "the US will almost certainly get some other countries to join in, though probably it will require exerting considerable leverage to do so." North Korea, already armed with nuclear weapons, may draw the conclusion that nuclear deterrence remains the ultimate protection against external intervention. Strains on the rules-based order Operation Epic Fury also raises broader questions about the future of the international system built around U.S. alliances and multilateral institutions. Jeffrey Frankel of Harvard Kennedy School said the unilateral nature of the intervention represents another blow to the post-war global framework Washington helped build. “It’s another blow to the 80-year structure of alliances and multilateral rules that the United States itself created,” he said. Redaelli similarly warned that the growing gap between Western rhetoric about a “rules-based order” and the willingness to use unilateral force risks weakening the credibility of international law. For South Korea, the war’s most immediate impact is economic rather than military. The country relies heavily on Middle Eastern energy supplies, with much of its oil passing through the Strait of Hormuz, a strategic chokepoint now under heightened risk. South Korean lawmakers have warned that even a short disruption could ripple through domestic industries ranging from petrochemicals and shipping to aviation and semiconductors. “If the Strait of Hormuz issue is not resolved promptly, Korea will inevitably be affected across all industries,” said Democratic Party lawmaker Maeng Seong-gyu, chairman of the National Assembly’s transport committee. Others see a deeper shift in the global security environment. People Power Party lawmaker Kim Ki-woong, a former vice minister of unification, argued the conflict reflects a broader transformation in international politics. “The era of norms, order and morality has ended,” he said. “We have entered an era where power is openly displayed.” As Operation Epic Fury enters its second week, its military trajectory remains uncertain. But the geopolitical implications are already clear. Trump’s strategy of decisive, alliance-light military action may weaken adversaries quickly. Yet it also risks reshaping alliances, challenging global norms and deepening geopolitical fault lines far beyond the Middle East. For countries like South Korea — deeply tied to global energy flows and U.S. security guarantees — the conflict is a stark reminder that wars fought thousands of miles away can still reshape the strategic landscape at home. 2026-03-06 17:03:18
  • Volkswagen Group EV Deliveries Top 4 Million, Plans 20-Plus New Models This Year
    Volkswagen Group EV Deliveries Top 4 Million, Plans 20-Plus New Models This Year Volkswagen Group said Thursday that cumulative deliveries of its battery-electric vehicles have surpassed 4 million. On the back of that milestone, the automaker said it holds about 27% of Europe’s EV market. Of the 4 million EVs delivered, 77% were built in Europe. Volkswagen Group has 11 production sites there: Emden, Zwickau, Hanover, Bratislava, Mlada Boleslav, Ingolstadt, Neckarsulm, Leipzig, Zuffenhausen, Munich and Sodertalje. Two additional plants set to begin operating this year — Pamplona and Martorell — will produce the Core Brand Group’s city EV family models. The Wolfsburg plant, Volkswagen’s main production hub, and Bentley’s plant in Crewe, England, are also preparing for EV production, the company said. About 20% of the group’s EVs are currently produced in China, where it has four production sites: Anting, Foshan, Hefei and Changchun. Volkswagen Group said 95% of its EV deliveries are concentrated in three key markets — Europe, China and the United States. Europe accounted for 68%, followed by China at 20% and the U.S. at 8%. Other markets made up about 5%. Compact-class vehicles were the most popular segment, representing about 70% of deliveries. Key models include the Volkswagen ID.3 and ID.4, the Skoda Enyaq, the Cupra Born and the Audi Q4 e-tron. By body type, SUVs and crossover-style models accounted for more than half of demand. The group’s first mass-produced EV model was the VW e-up, launched in 2013, followed by the VW e-Golf in 2014. Since 2019, it has rolled out cross-brand models based on its dedicated EV platform, MEB (Modular Electric Drive Matrix). About 3 million MEB-based vehicles have been delivered, the company said. Over the past two years, Volkswagen Group said it has refreshed its portfolio with about 60 new models, about one-third of them fully electric. In passenger cars alone, it now offers more than 30 battery-electric models, ranging from small cars to luxury SUVs. It has also expanded its lineup to include battery-electric trucks and buses from TRATON brands including Scania, MAN, International and Volkswagen Truck & Bus. Volkswagen Group said it plans to add more than 20 new models this year, about half of them fully electric. The rollout includes new EVs aimed at China and an entry-segment “city EV family” of four models for Europe. * This article has been translated by AI. 2026-03-06 16:48:19
  • Jay Park Says He Felt Only Sorry When He Left 2PM
    Jay Park Says He Felt Only Sorry When He Left 2PM Singer Jay Park has spoken about leaving the K-pop group 2PM. Park appeared on the YouTube channel "Eyes Magazine" on March 5. "At the time I left the team, I only felt sorry and apologetic," he said, adding that he had caused "disrespect and harm" to many people. He said he did not feel anxious. "I really live by accepting things as they come," Park said. "I’m the type to do my best in the situation I’m given, so I wasn’t anxious." Park also described a cover video he posted from Seattle after leaving 2PM, calling it "the reason I was able to come back." He said YouTube was surging at the time and it was popular for Asian Americans to upload cover videos. He said he filmed the clip in a bathroom on a MacBook he had received as a gift to share his musical tastes, and it reached 3 million views in a day. He said that led to offers and allowed him to resume activities. Park, who was promoting with 2PM, left the group in 2009 and returned to the United States after posts he had left on U.S. social media became controversial amid claims they criticized South Korea. He later debuted as a solo singer and is currently a singer and the head of an agency.* This article has been translated by AI. 2026-03-06 16:39:19
  • Kwon Noh-kap to Hold Book Launch for ‘Kwon Noh-kap: 100-Year Biography’ at National Assembly Museum
    Kwon Noh-kap to Hold Book Launch for ‘Kwon Noh-kap: 100-Year Biography’ at National Assembly Museum Kwon Noh-kap, chairman of the Kim Dae-jung Foundation (96) and a standing adviser to the Democratic Party, will hold a publication ceremony on March 6 at the National Assembly Museum in Yeouido for his book, “Kwon Noh-kap: 100-Year Biography,” which sums up his political life. The book features comments on Kwon from 117 people, ranging from presidents and first ladies to National Assembly speakers, prime ministers, ministers, political allies and juniors, rivals and friends. It is both a tribute to a veteran politician and a record of modern South Korean political history. Congratulatory messages (to be read on behalf of the speakers) are scheduled from President Lee Jae-myung, former first lady Kwon Yang-sook and former President Moon Jae-in. Video messages are also planned from National Assembly Speaker Woo Won-shik and Democratic Party leader Jung Cheong-rae. Prime Minister Kim Min-seok, former National Assembly speakers, the head of the National Assembly Alumni Association and other senior political figures are expected to attend and offer remarks. The book is divided into four parts. Part 1 includes recollections of Kwon by figures such as Moon, Woo and Kim. Part 2 traces an era marked by industrialization and democratization, division and solidarity, portraying Kwon as guided not by power but by what he believed was the right direction. Part 3 describes years of hardship endured in the struggle for democratization and persistent preparations aimed at a change of government. Part 4 focuses on Kwon’s present, depicting him as someone who, even as he nears 100, chooses to keep learning rather than to teach. Kwon said, “I cannot fully express my gratitude to the colleagues and juniors who wrote for this book.” * This article has been translated by AI. 2026-03-06 16:31:13
  • KB Kookmin Bank Nominates Yeon Tae-hoon as New Outside Director
    KB Kookmin Bank Nominates Yeon Tae-hoon as New Outside Director KB Kookmin Bank said Thursday its outside director nomination committee recommended one new outside director and three outside directors for reappointment. The committee nominated Yeon Tae-hoon, a senior research fellow at the Korea Institute of Finance, as the new outside director candidate. Yeon graduated from Seoul National University with a degree in economics and earned master’s and doctoral degrees in economics at the University of Michigan. He previously worked at the Korea Institute of Public Finance and the Korea Development Institute, and now researches capital markets and financial consumer protection, among other topics, at the Korea Institute of Finance. Yeon has also served as an outside director at IBK Investment & Securities, Sh Suhyup Bank, Hyundai Card and Korea Growth Investment Corp. He has held roles including a deliberation member at the Credit Recovery Committee and chair of the Financial Services Commission’s conflict management review committee. The bank said he is regarded as having both on-the-ground financial experience and expertise in consumer protection. The committee said it made the final recommendation after six meetings and three rounds of screening and qualification reviews. Outside directors Moon Soo-bok, Kim Sung-jin and Lee Jung-sook were recommended for reappointment for one-year terms. The nominees are to be formally appointed after a vote at the annual shareholders meeting on March 25. Outside director Seo Tae-jong will step down after the shareholders meeting as his maximum term ends.* This article has been translated by AI. 2026-03-06 16:24:20
  • Celltrion, Yuhan, Dongkook Pharma and Kolon TissueGene Report New Study, Awards and Deals
    Celltrion, Yuhan, Dongkook Pharma and Kolon TissueGene Report New Study, Awards and Deals Celltrion: 52-week Stekima results show long-term treatment competitiveness Celltrion said Thursday that 52-week results from a global Phase 3 trial of its autoimmune disease treatment Stekima (ustekinumab) were published in the international dermatology journal Dermatologic Therapy. The study analyzed 52-week long-term data from a global Phase 3 trial involving 509 patients with moderate to severe plaque psoriasis. It assessed Stekima versus the originator drug across efficacy, safety, immunogenicity and pharmacokinetics. Patients were initially assigned to Stekima or the originator. From week 16, those on the originator were randomized either to continue the originator or to switch to Stekima and were followed through week 52. Results showed similar efficacy between the Stekima and originator groups. Among patients who switched from the originator to Stekima, efficacy remained stable compared with those who stayed on the originator. Safety findings were also comparable, with no meaningful differences in adverse events across groups. Yuhan named a 2025 top disclosure company Yuhan Corp. said Thursday it was selected as an “excellent disclosure company” on the Korea Exchange’s main board at the 2025 securities market disclosure awards ceremony held Wednesday at the exchange’s Seoul office in Yeouido. The designation is awarded to listed companies based on the accuracy, timeliness and completeness of disclosures, as well as efforts to communicate with investors. Yuhan said it was recognized for strengthening trust in capital markets through faithful and transparent disclosures and for providing useful information to investors in a timely manner. The company said it has continued to manage disclosure quality and strengthen internal processes to improve reliability while maintaining communication with investors, efforts it said contributed to greater market transparency. Dongkook Pharmaceutical signs Korea distribution rights deal for Inhilo Plus skin booster Dongkook Pharmaceutical said Thursday it signed a distribution rights agreement to expand domestic distribution of Inhilo Plus, a dual hyaluronic acid (HA)-based skin booster. Inhilo is an injectable HA-based product approved as a Class 4 medical device categorized as a biomaterial for tissue repair. It is designed to provide immediate hydration through HA while stimulating fibroblasts to improve the skin’s structural environment via the extracellular matrix, the company said. Dongkook said Inhilo’s dual-HA design combines low- and high-molecular-weight hyaluronic acid in one syringe (2 mL), which it said can support skin improvement effects. Through the Korea rights agreement with BS Pharm Korea, Dongkook said it plans to secure a stable distribution network for Inhilo and strengthen its position in the domestic aesthetic medical market. Kolon TissueGene presents knee osteoarthritis therapy at U.S. orthopedics meeting Kolon TissueGene said Thursday that co-CEOs Jeon Seung-ho and Noh Moon-jong attended the 2026 American Academy of Orthopaedic Surgeons meeting, held March 2-6 local time in New Orleans, Louisiana. The company described AAOS as the world’s largest orthopedics conference, drawing about 16,000 specialists and global biotech industry participants to share the latest research. Kolon TissueGene said it presented existing clinical data and research progress for TG-C, which it is developing to treat knee osteoarthritis. The company said TG-C could offer an alternative for patients whose current options focus on pain relief or for whom total knee arthroplasty is the only fundamental treatment. It also said it held discussions with potential partners on TG-C commercialization, including talks with medical affairs staff and advisory groups at global pharmaceutical companies on the therapy’s medical value and commercialization strategy. 2026-03-06 16:21:00
  • South Korea secures 6 million barrels of crude oil from UAE to curb soaring fuel prices
    South Korea secures 6 million barrels of crude oil from UAE to curb soaring fuel prices SEOUL, March 6 (AJP) - South Korea has secured over 6 million barrels of crude oil from the United Arab Emirates (UAE), Cheong Wa Dae said on Friday. "We have consulted with the UAE to secure crude oil, and the good news is that we were able to secure more than 6 million barrels," presidential chief of staff Kang Hoon-sik said during a press briefing on Friday, adding that it will help stabilize oil prices. Fuel prices in South Korea have been rapidly rising amid the escalating conflict in the Middle East shortly after U.S.-led airstrikes on Iran last week, sparking fears of an energy crisis and prompting the government to vow a crackdown on price collusion and other unfair practices. Kang also said that an additional passenger flight carrying South Korean nationals and other travelers stranded in Dubai is set to arrive at Incheon International Airport later in the day, following discussions with the UAE to ensure their safe return. He pledged to continue talks with the UAE to dispatch a chartered flight to bring back those unable to return due to the closure of airports in Dubai. 2026-03-06 16:13:03