Lee orders retention of oil price caps until price uncertainty completely recedes

President Lee Jae Myung on Sunday instructed senior officials to maintain oil price caps until price uncertainty completely recedes, citing the renewed confrontation in the Middle East.

"Amid the high likelihood that oil prices will remain volatile for some time, preemptive efforts should be made promptly to minimize their impact on domestic prices," Lee said in a meeting with his senior aides, attending the meeting virtually from Brasilia, where he is making a state visit.

The president also in ...