President Lee Jae Myung said on the 12th that the public should not worry about oil prices, arguing that domestic gasoline and diesel prices and supply will remain stable despite sharp increases in global crude and refined-product markets. He said measures including crude-oil diplomacy, subsidies for long-distance transportation and import diversification had reduced the Middle East’s share of crude imports from 70% to the 50% range within months. Lee also cited a strategic petroleum reserve swap system, a mechanism for exchanging stored oil to support supply, along with a maximum price system and export controls. He said the government was blocking hoarding and collusion, promoting fair competition through initiatives such as selecting honest gas stations, and compensating domestic refiners for losses caused by domestic price and export controls. Lee acknowledged that the Middle East still accounts for 50% of crude imports and said the war remained unresolved, pledging efforts to protect oil shipping routes, tankers and crews. The comments came as disruptions around the Strait of Hormuz intensified following escalating U.S.-Iran clashes. Saudi Arabia temporarily halted operations on an east-west pipeline that had been used to bypass the strait after it was attacked by drones, while the expanding influence of Yemen’s Houthi rebels threatened alternative Red Sea routes. Brent crude and West Texas Intermediate futures closed at $104.61 and $100.05 a barrel, respectively, on the 11th local time, recording weekly gains of 8.7% and 9.4%.