South Korea reviews 8th oil price ceiling amid rising global crude prices

South Korean officials said they will reassess the upcoming 8th oil price ceiling as international crude prices climb following heightened tensions in the Middle East. Vice‑Prime Minister and Finance Minister Gu Yun‑cheol told a cabinet meeting that the decision will take the current price surge into account, noting that Brent crude had risen from $71 to around $90 per barrel and WTI from $60 to $80. President Lee emphasized the need to strengthen the ceiling rather than lower or abolish it.

The government also reported that 110% of the July‑August oil requirements have been secured, with about 90% of the September supply already procured, ensuring short‑term stability despite the conflict. While the oil price ceiling system had been lowered in March and considered for termination, rising prices have prompted officials to postpone any ending of the scheme. Additional measures mentioned include expanding youth employment programmes and advancing a roadmap for internationalising the won.