South Korean President Lee Jae Myung told parliament on Thursday that his government was treating the economy as being “on a wartime footing,” warning the Iran crisis was “not a passing shower but a massive storm that could last indefinitely.”
The government has proposed a 26.2 trillion won ($17.2 billion) supplementary budget to cushion households and businesses from soaring energy costs, including cash handouts for the bottom 70% of earners and fuel subsidies for farmers and fishermen.
South Korea imports 70% of its crude oil from the Middle East and 94% of its energy overall.
President Lee urged citizens to “save every drop of fuel” and switch to public transport, while authorities have imposed petrol price caps for the first time since 1997.
IRGC Rejects 45-Day Ceasefire And Puts Forward Its Own 10-Point Permanent Peace Plan
IRGC formally rejected the 45-day ceasefire proposal put forward by Egyptian, Pakistani and Turkish mediators, instead conveying its own 10-point proposal for a permanent end
7 April 2026
