South Korean President warns Middle East conflict will keep oil price high

South Korean President Lee Jae Myung said on Tuesday (April 14) that rising tensions around the Strait of Hormuz made it hard to be optimistic about the fallout from the U.S.-Israeli war on Iran, warning that high oil prices and supply-chain strains were likely to persist for some time.

Lee told a cabinet meeting the government should treat prolonged disruption in global energy and raw materials markets as a given and reinforce its emergency response system.

Lee also urged ministries to move quickly to deploy a supplementary budget passed in response to the war.

Production: Jungmin Ryu, Minwoo Park/Reuters