Korea Joongang Daily
Korea JoongAng Daily

Rising oil prices push commuters out of cars and into public transportation

Rising oil prices driven by the Iran war are pushing more people in Korea out of their cars and into public transportation as local governments consider expanding subway and bus services and offering rebates.

2026-04-05

Koreans turn to cheaper alternatives, stockpile essentials as living costs rise due to Middle East conflict

The Iran war is beginning to affect daily life in Korea, with people cutting back on spending, turning to cheaper alternatives and stockpiling essentials as living costs rise.

2026-04-05

Economic think tank states that oil prices are unlikely to return to pre-Iran war levels

Oil prices are unlikely to return to pre-Iran war levels under any scenario of Middle East tensions and could climb to $174 per barrel in the event of a wider conflict, according to the Korea Institute for International Economic Policy (KIEP).

2026-04-02

Iran war strikes at semiconductor supply chain and others, not just oil

The Iran war is causing wide-ranging supply chain disruptions across the real economy that go far beyond higher oil prices. Alarm is rising particularly in semiconductors, pharmaceuticals and aviation, where input costs are high.

2026-03-30

Gov't may expand vehicle rationing to private sector if fuel prices rise, finance minister warns

The Korean government may implement a five-day vehicle rationing system for private sector drivers if oil prices rise to $120-$130 per barrel, amid concerns over supply disruptions and rising fuel prices.

2026-03-29

Government sets new price ceilings for fuel products effective midnight

The government announced Thursday adjusted price ceilings for domestic fuel products, which will take effect midnight, under a temporary fuel price cap system introduced to help ease cost burdens amid surging fuel prices.

2026-03-26

Import prices rise for 8th month in February on rising oil prices: BOK

Import prices increased for the eighth consecutive month in February due mainly to an increase in global oil prices, central bank data showed Tuesday.

2026-03-17

Airfares likely to rise in April as fuel surcharges take off amid Middle East tensions

International airfares are likely to rise in April as fuel surcharges increase sharply following a surge in global oil prices linked to prolonged tensions in the Middle East.

2026-03-15

Dollar-won rate crosses 1,500 mark again on oil price fluctuations and market volatility

International oil prices have been fluctuating wildly throughout the week as tensions in the Middle East escalate, fueling volatility in global markets and pushing the dollar-won exchange rate back above the 1,500 won mark in overnight trading.

2026-03-13

Korean won falls against dollar amid rising oil prices as Middle East crisis drags on

The Korean currency fell against the U.S. dollar Thursday as global oil prices climbed amid concerns about supply disruptions stemming from heightened tensions in the Middle East.

2026-03-12