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South Korean President Lee Jae Myung (Reuters/File photo) South Korean President Lee Jae Myung said rising tensions around the Strait of Hormuz made it hard to be optimistic about the fallout from the Iran war, warning that high oil prices and supply-chain strains were likely to persist for some time.Lee told a cabinet meeting on Tuesday the government should treat prolonged disruption in global energy and raw materials markets as a given and reinforce its emergency response system.”For the time being, difficulties in global energy and raw materials supply chains and high oil prices will continue,” Lee said.”I ask that we pursue the development of alternative supply chains, medium- to long-term industrial restructuring, and the transition to a post-plastic economy as top-priority national strategic projects.” Lee also urged ministries to move quickly to deploy a supplementary budget passed in response to the war.At the meeting, ministers outlined steps to contain the economic shock from the conflict, including support for crude imports, controls against hoarding of petrochemical feedstocks and medical supplies, and expanded financial assistance for affected companies.Industry Minister Kim Jung-kwan said disruptions to shipping through the Strait of Hormuz were still affecting supplies and that even if the passage normalises, it could take around 20 days for Middle Eastern cargoes to reach South Korea.The government is prioritising support for the passage of seven South Korea-bound oil tankers stuck in the Gulf area, a document shown during the cabinet meeting said. Foreign Minister Cho Hyun told the meeting that the ministry had sent officials to the Congo, Algeria and Libya in a bid to secure energy supplies, in addition to presidential Chief of Staff Kang Hoon-sik travelling to countries such as Kazakhstan since last week.”I also urge the parties to this war to take courageous steps toward the peace the world so desperately wants, based on the principles of protecting universal human rights and the lessons of history,” Lee said. South Korea’s energy ministry said on Tuesday it would begin rolling out a revised seasonal and time-of-use electricity pricing system to shift power demand away from evening peak hours toward midday, when solar generation is higher. The new rates take effect for large industrial users from April 16 while weekend discounts for electric-vehicle charging will begin on April 18. Meanwhile, Middle Eastern oil producers are in contact with South Korea about using the country’s petroleum storage facilities as disruptions at the Strait of Hormuz continue, a South Korean industry ministry official said on Tuesday, signalling growing interest in offshore crude storage hubs.Yang Ki-wook, a senior official at the industry ministry, told a briefing that Middle Eastern countries were showing increased interest in storing oil outside the strait because a prolonged disruption in logistics would hit their economies and pre-positioning crude could reduce export risks.Yang said that in addition to Abu Dhabi National Oil Company (Adnoc), which already has a joint stockpiling agreement with South Korea, other Middle Eastern producers were also in contact, though he did not identify them. Related Story Source link
Peter Magyar, leader of the pro-European conservative TISZA party, delivers a press conference at the HUNGEXPO Congress and Exhibition Center in Budapest, yesterday. (AFP) Hungarian pro-EU prime minister-elect Peter Magyar pledged yesterday to usher in a “new era” after defeating long-time nationalist leader Viktor Orban in elections seen as a blow to hard-right populism.Orban, a self-described “thorn” in the European Union’s side who was backed by US President Donald Trump and maintained close ties to Moscow, was ousted in Sunday’s ballot after 16 years in power. Hungarians fed up with corruption handed conservative former government insider Magyar a decisive victory, with a two-thirds majority in parliament. The vote saw a record turnout.Magyar, 45, said he would do “everything in our power” to ensure the “beginning of a new era”, adding Hungarians “didn’t vote for a mere change of government, but for a complete regime change.” In power since 2010, Orban has transformed the central European country of 9.5mn people into a model of “illiberal democracy”, making wide-ranging reforms that restricted civil rights and the independence of the judiciary, media and academia.In that, he frequently clashed with Brussels, which has frozen billions of euros in funds over rule-of-law concerns. Magyar said he was “willing to take on” reforms, including anti-graft measures, to seek to unlock the funds.He urged President Tamas Sulyok, an Orban ally, to convene parliament “as soon as possible”. The president has 30 days, or until May 12, to do so.Sulyok on Facebook said he had invited the leaders of parliamentary parties to a meeting tomorrow. “Our country has no time to waste. Hungary is in trouble in every respect. It has been plundered, looted, betrayed, indebted and ruined,” Magyar told reporters.Many EU leaders welcomed Magyar’s win, while the Kremlin said Moscow hoped for “pragmatic” relations with Hungary’s new government and China — which Orban also courted — congratulated Magyar.Magyar thanked both Moscow and Beijing for “being open to pragmatic co-operation, just as Hungary is.” Orban, 62, conceded defeat on Sunday, saying the message was “painful but unambiguous”.Magyar was a supporter of Orban for years before emerging as his most serious challenger. He stepped into frontline politics just two years ago, promising to fight corruption and offering better public services.He garnered support against a backdrop of economic stagnation and despite an electoral system skewed in favour of Orban’s Fidesz. Ahead of the vote, US Vice-President JD Vance, one of the most fervent supporters of far-right parties in Europe, visited Hungary last week to attend a rally with Orban.His boss, Trump, had promised to back Hungary with the United States’ “economic might” if Orban’s party won. The election “could mark a real turning point for Donald Trump’s culture war in Europe”, said Pawel Zerka, senior policy fellow at the European Council on Foreign Relations.It gave “confidence (to) pro-European forces across the continent” and meant that association with Trump’s culture war was now becoming “more of a liability than an asset”, he said. Orban, who repeatedly blocked EU moves to help Ukraine fight Russia’s invasion, made Ukraine a central campaign issue, portraying Kyiv as “hostile” to Hungary. Like Orban, Magyar opposes sending EU military aid to Ukraine or offering Ukraine a fast-track route to join the 27-nation bloc. He reiterated that stance yesterday, saying: “We are talking about a country at war. It is completely out of the question for the European Union to admit a country at war.”On election night, jubilant supporters poured into the streets to celebrate in the capital, Budapest.“At long last it feels so good to be Hungarian. It’s like a weight lifted off our shoulders,” Csilla Bekesi, 25, told AFP. Source…
Two very large crude carriers loaded with Iranian oil have reached Indian ports, ship tracking data from LSEG shows, as local refiners utilise a temporary waiver granted by the US last month to resume purchases from Tehran for the first time in seven years. The current waiver is due to expire on April 19. The Iran-flagged Felicity has reached Sikka Port in western India, while the Curacao-flagged Jaya is at the eastern port of Odisha, the data shows. A VLCC carries 2mn barrels of oil.India, the world’s third-biggest oil importer and consumer, has not received a cargo from Iran since May 2019 after coming under US pressure not to buy the country’s crude. Indian Oil Corp, the country’s top refiner, has bought Iranian oil loaded on the Jaya, a vessel under US sanctions, Reuters reported last week. India has also allowed Reliance Industries Ltd, the operator of the world’s biggest refining complex, to buy Iranian oil loaded on the Comoros-flagged aframax Kaviz, Curacao-flagged VLCC Lenore and Iran-flagged VLCCs Felicity and Hedy, all of which are more than 20 years old and are also under US sanctions. Source link
North Korea test-fired, on Tuesday, two strategic cruise missiles and three anti-warship missiles as part of an “operational efficiency test”.South Korea’s Yonhap News Agency reported that North Korean leader Kim Jong-un has once again overseen the test-firing of strategic cruise and anti-warship missiles from the destroyer Choe Hyon, stressing that the country’s top priority is to bolster a nuclear deterrent.Kim expressed great satisfaction over the fact that the preparedness of our army’s strategic action has been strengthened in a qualitative way with various achievements recently made in the field of defence science, according to the North Korean Central News Agency (KCNA).In March, North Korea conducted similar strategic cruise missile tests from the 5,000-ton warship on two occasions ahead of its commissioning. Pyongyang’s designation of the weapons as “strategic” suggests that it may possess nuclear capabilities. Source link
South Korean President Lee Jae Myung urged on Tuesday nations involved in the war in West Asia to take a courageous step toward peace, with a fragile ceasefire deal between the US and Iran hanging in the balance and threatening the global economy.Speaking at a Cabinet meeting, Lee asked “the warring parties to take a courageous step toward peace that the world desperately wants based on the principles of the protection of universal human rights and lessons from history.”With the war in West Asia entering its seventh week, Lee also called on the government to explore alternative supply chains and pursue structural reforms to address vulnerabilities exposed by uncertainties stemming from the ongoing war.Lee instructed the government to maintain the current emergency posture to brace for volatility in global energy markets and supply chains.Lee also called for the swift implementation of a KRW 26.2 trillion (USD 17.7 billion) supplementary budget aimed at supporting those affected by the war, stressing the urgency of distributing funds to support people’s livelihoods. Source link
Italy’s government has decided to suspend the automatic renewal of a defence cooperation deal with Israel, Prime Minister Giorgia Meloni said on Tuesday, citing the conflicts in the Middle East. Meloni’s right-wing government has been one of Israel’s closest allies in Europe, but in recent weeks it has criticised Israeli attacks on Lebanon. Those affected have included Italian troops serving there under a U.N. mandate.”In light of the current situation, the government has decided to suspend the automatic renewal of the defence agreement with Israel,” Meloni was quoted as saying in Verona, nothern Italy, by Italian news agencies.A defence ministry source said one of the consequences is that Italy will no longer cooperate with Israel on military training.Meloni took the decision on Monday with her foreign and defence ministers, Antonio Tajani and Guido Crosetto, as well as Deputy Prime Minister Matteo Salvini, the source said, speaking on condition of anonymity.A spokesperson for Israel’s foreign ministry did not immediately respond to a request for comment from Reuters. Source link
The United Nations called on Lebanon and the Israeli entity to leverage all available diplomatic avenues at their disposal to immediately end hostilities and address outstanding provisions of Security Council resolution 1701, at a time when negotiations between the Israeli entity and Lebanon are expected to take place on Tuesday.In this context, UN spokesperson Stephane Dujarric affirmed, “We stand ready to work with the parties to facilitate efforts in this regard.”The UN Special Coordinator for Lebanon Jeanine Hennis-Plasschaert, continues her good office’s role in support of the parties towards the full implementation of resolution 1701 towards a permanent ceasefire and long-term solution to the conflict. We call on all parties to engage constructively in this regard.On the peacekeeping front, the UN spokesperson said that the “UNIFIL continues its operations on the ground in support of deconfliction, protection of civilians and humanitarian access, to the extent possible amid ongoing hostilities.””Peacekeepers continue to report rocket fire towards Israel and airstrikes in UNIFIL’s area of operations, including around Shama, At Tiri, and Bint Jbeil in Sector West, where heavy clashes continue,” he added.”On the humanitarian front, as high-intensity hostilities continue, as you can imagine humanitarian needs continue to deepen across the country and civilians continue to bear the brunt of the violence. Israeli military activity remains particularly intense in southern Lebanon and the western Bekaa governorate,” he continued.”As of yesterday, more than 2,000 people have been killed and over 6,500 injured, as casualties continue to rise, according to the Government,” the spokesman said.”Civilian infrastructure continues to be damaged. Our colleagues at UNICEF report at least 18 incidents affecting water systems across the country, damaging reservoirs, pumping stations and main supply lines, and disrupting people’s access to safe water,” Dujarric added. Source link
Chinese President Xi Jinping put forward on Tuesday a four-point proposal on promoting peace and stability in West Asia, when meeting with Crown Prince of Abu Dhabi, United Arab Emirates, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan in Beijing.Xi called for adherence to the principle of peaceful coexistence. It is imperative to promote the building of a common, comprehensive, cooperative and sustainable security architecture for West Asia and the Gulf region, he noted.He urged adherence to the principle of national sovereignty. He said the sovereignty, security and territorial integrity of countries in West Asia and the Gulf region should be fully respected, and the safety of personnel, facilities and institutions of all countries should be effectively safeguarded.On adherence to the principle of international rule of law, Xi said the authority of international rule of law should be upheld to prevent the world from falling back into the law of the jungle.He said development and security should be coordinated. All parties should work together to create a favorable environment for the development of countries in West Asia and the Gulf region.On the other hand, the Chinese President said during his meeting with Spanish Prime Minister Pedro Sanchez, who is on an official visit to China, that China and Spain should strengthen cooperation to oppose a return of the world to “the law of the jungle.”Noting the world today is in turmoil, confronted with the contest between the rule of law and the rule of power, Xi called on both China and Spain to jointly defend true multilateralism.For its part, Spanish Prime Minister Pedro Sanchez said that Spain opposes a “new Cold War,” decoupling and severing of supply chains, and supports Europe and China in enhancing communication, mutual understanding and cooperation. Source link
EU High Representative for Foreign Affairs and Security Policy Kaja Kallas stated that the current events in the Strait of Hormuz clearly demonstrate the need for a “strong international maritime security coalition.”In her address to the UN Security Council session on cooperation between the United Nations and the European Union, Kallas emphasized the necessity of maintaining security at sea. “Yet, this domain has become increasingly contested. Whether we are talking about the Baltic, North or Red seas, the numerous straits or the Indo-Pacific, the UN Convention on the Law of the Sea/UNCLOS is being undermined deliberately.””International cooperation at sea has not evolved at the same rate as the threats in this domain. We must catch up,” the European official added, noting that there have been many criticisms against the United Nations including the Security Council for failing to resolve conflicts.In this regard, Kallas pointed out that the record use of the veto in 2024, for example, suggests, that this body struggles to address conflicts as they arise.She further said: “If the Security Council was functioning as it should, we would not be where we are today. On the other hand, it is a chance for the UN to step up and show that it can deliver.” Source link
UN Secretary-General Antonio Guterres today called on all parties to respect freedom of navigation in the Strait of Hormuz.UN Spokesperson Stephane Dujarric confirmed that Guterres stressed the need for all parties to the conflict to respect freedom of navigation, including in the Strait of Hormuz, in accordance with international law.It is worth noting that US President Donald Trump ordered a naval blockade on ships entering or leaving Iranian ports and coastal areas, which went into effect today.Trump threatened to destroy any Iranian military vessel that violates the US blockade imposed on this vital waterway, which Iran has effectively closed almost completely since the beginning of the war.Dujarric pointed out the need to remember that some 20,000 seafarers are caught in this conflict, aboard ships facing increasing difficulties every day, reminding everyone of the impact this has on the global economy.He called on the parties to continue negotiations to find a solution to the conflict, demanding an end to all ceasefire violations. Source link