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Global governments are scrambling to mitigate the economic fallout from the escalating conflict in Iran, which fuelled a record surge in oil prices on Monday. This surge followed output cuts by key producers and signals from Tehran that hardline elements will remain in charge.
Reflecting mounting international concern over supply disruptions, Group of Seven finance ministers are scheduled to discuss a potential joint release of emergency oil reserves during a meeting on Monday, a French government source confirmed.
In South Korea, which imports 70% of its oil from the Middle East,
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