Tag: middle east

middle east

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Two more Korean vessels clear Strait of Hormuz

The vast majority of the 26 Korea-related vessels that were stranded have now departed, but three ships and 43 Korean crew members have yet to exit the region.

2026.6.27

Cease-fire puts K-food back on the menu in the Middle East

Korean food makers are resuming exports and expansion plans in the Middle East as a cease-fire raises hopes for improving logistics, costs and consumer demand.

2026.6.16

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Korea eyes safe exit for 24 ships in Hormuz, weighs role in securing waterway

After a U.S.-Iran peace deal, Seoul is prioritizing the safe exit of 24 stranded vessels while weighing a broader security role in the Strait of Hormuz.

2026.6.15

In Korea's car export capital, free parking lots are a graveyard for abandoned vehicles

Beneath the glittering futurism of Incheon's Songdo, dusty cars clog free public parking spaces, some awaiting shipment overseas, others simply deserted — and one containing a body.

2026.6.15

Weak won, high oil prices and rate hike concerns weigh on Korean businesses

As the won hits its weakest level since the global financial crisis, Korean companies warn that currency swings, high oil prices and possible rate hikes are squeezing profits and financing.

2026.6.8

A pedestrian passes by automated teller machines of major banks installed in Seoul on Dec. 21, 2025. [YONHAP]

Inflation projected to hover above 3 percent as Middle East tensions continue: BOK

Inflation is projected to remain above the 3 percent level for the time being as the impact of high oil prices spills over into other sectors of the economy amid prolonged Middle East tensions, the central bank said Tuesday.

2026.6.2

Korea National Oil's strategic oil reserve complex in Seosan, South Chungcheong [YONHAP]

Seoul mulls timing of oil release amid concerns of supply crisis in August

Korea is taking a cautious approach with the timing of its oil stockpile release under an agreement among International Energy Agency (IEA) members amid concerns there could be a global oil crisis in August.

2026.5.26

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol speaks during a special management task force meeting on living costs and the 268th external economic ministers' meeting at the Government Seoul Office in Jongno District, central Seoul, on May 21.[YONHAP]

Gov't to seek to provide financial support for Middle East partners amid geopolitical crisis

Finance Minister Koo Yun-cheol said on Thursday that the country will seek to provide financial support to partners in the Middle East facing temporary liquidity shortages due to the prolonged conflict in the region.

2026.5.21

U.S. President Donald Trump speaks to the press after returning and stepping off Air Force One on May 20 at Joint Base Andrews in Maryland in the United States. [AP PHOTO/YONHAP]

Trump voices willingness to wait for Iran's 'right answers' in peace deal negotiations

U.S. President Donald Trump on Wednesday expressed his willingness to wait a few more days for Iran's "right answers," as he has been pressuring Tehran to reach a peace deal to end the war with the United States.

2026.5.21

President Lee Jae Myung, left, listens to First Vice Finance Minister Lee Hyoung-il talk during a cabinet meeting on May 20. [YONHAP]

Seoul to continue efforts to stabilize consumer prices amid prolonged Middle East conflict

The Ministry of Finance and Economy said that the government will roll out efforts to stabilize consumer prices amid the prolonged Middle East war, building on its economic achievements made during the first year of the current administration.

2026.5.20