Seoul moves to revive oil price controls as war in Middle East rattles global oil markets
Oil markets have become a theater of nerves. Within little more than a day, Brent crude fell from nearly $119 a barrel to below $90 after US President Donald Trump suggested the war with Iran could end “very soon.”
Traders cheered, Asian equities bounced and currencies steadied. Yet even as prices retreated Tuesday, Seoul took steps to revive a tool unused since 1997: a ceiling on domestic fuel prices.
For South Korea, oil shocks rarely arrive alone.
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