U.S. becomes largest naphtha exporter to Korea amid ongoing conflict in Iran

The United States has become the largest exporter of naphtha to Korea following the outbreak of the Iran war, the Ministry of Trade, Industry and Resources said Thursday.

2026-04-30

Service sector price hikes outpace overall consumer inflation rate

Laundry bills, haircuts and other everyday service costs are rising faster than headline inflation in Korea as higher oil and materials prices linked to the Middle East war spread through the broader economy.

2026-04-26

Korean special envoy, Iranian foreign minister discuss safety of vessels stranded in Strait of Hormuz

Chung Byung-ha, special envoy to Korea's foreign minister, met with Iranian Foreign Minister Abbas Araghchi in Tehran on Wednesday to discuss the situation in the Middle East and bilateral issues.

2026-04-23

Trump has not set deadline to receive 'unified' proposal from Iran: White House

U.S. President Donald Trump has not set a firm deadline for Iran to submit a "unified" peace proposal, the White House said Wednesday, dismissing a report that he has given Iran three to five days to provide its coherent response.

2026-04-23

Korean, Indian leaders vow to strengthen bilateral cooperation on energy, raw materials

During a summit in New Delhi, Korean President Lee Jae Myung and Indian Prime Minister Narendra Modi discussed energy cooperation, signed 15 MOUs, and announced plans to double bilateral trade by 2030.

2026-04-20

Iran holds out on face-to-face talks with U.S. over 'maximalist' demands

Iran is not yet ready to hold a new round of face-to-face talks with U.S. officials, a senior Iranian official said Saturday, citing Washington's refusal to abandon “maximalist” demands on key issues.

2026-04-19

Korean president calls for ‘mechanism’ to keep Strait of Hormuz open in summit led by Britain, France

President Lee Jae Myung called on the international community to work toward mechanisms to ensure stability in the Strait of Hormuz in a multilateral summit led by Britain and France attended by 50 countries to discuss Middle East tensions.

2026-04-18

Fuel consumption down after price cap system, Industry Ministry says

Fuel consumption has decreased since the country implemented a price cap system, an official from the Ministry of Trade Industry and Resources said Thursday, dispelling concerns surrounding supply disruptions caused by the Middle Eastern crisis.

2026-04-16

Korea to attend multilateral meeting on Strait of Hormuz this week

Korea will attend a multilateral meeting this week on joint efforts to stabilize the Strait of Hormuz, including ways to ensure free and safe passage through the waterway in the event of an end to the Iran war, officials said Tuesday.

2026-04-14

Korea looks to scale up oil storage capacity as Middle East producers seek hedge

Korea is moving to expand its strategic oil storage capacity as prolonged disruptions around the Strait of Hormuz are prompting a surge of inquiries from oil-exporting nations seeking to use Korea’s storage facilities.