Korea braces for prolonged energy price risks as Iran war expected to drag on

The government is preparing for a prolonged period of elevated energy prices and supply uncertainty, as U.S. President Donald Trump’s address on Wednesday (local time) failed to signal that the Middle East conflict will end soon. It plans to maintain the fuel price caps and seek alternative oil sources outside the Middle East, as Trump said countries importing oil through the Strait of Hormuz should make their own efforts to secure passage or pursue other options. Officials here assess that even if the Middle East conflict is “nearing completion” as Trump claims, it is unlikely to restore the energy supply and markets to prewar stability immediately. “Even if Trump ends the war, the war will not be over for us at the industry ministry. We expect to remain in a wartime situation,” Yang Ki‑wook, director general of the industrial resource security bureau at the Ministry of Trade, Industry and Resources, said Thursday during a briefing at Government Complex Sejong. “An end-of-war declaration, even if it is made, does not mean that safe passage through the Strait of Hormuz is s

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