South Korea warns of financial volatility amid Middle East tensions
South Korean acting Finance Minister Lee Hyoung-il has warned of heightened volatility in global financial and energy markets amid the escalating tensions in the Middle East, according to the official Yonhap news agency.
Lee made the remarks while presiding over a meeting on macroeconomic trends and risks, citing growing uncertainty after the US military involvement in Israel’s military operation against Iran.
Iran holds the second-largest gas reserves globally and is OPEC’s third-largest crude producer.
“Global oil prices have already opened 2 to 3 percent higher today, signalling increased volatility in international energy markets,” Lee noted.
Lee said the government must be on high alert and closely monitor international energy prices and supply-demand dynamics, while stressing the importance of a quick and coordinated response, Yonhap reported.
South Korea is the world’s 13th-largest economy and the fourth in Asia in terms of gross domestic product (GDP).
France to evacuate citizens from Israel
France is sending a military A400M aircraft to Israel to evacuate citizens from the country, the foreign and defence ministries have said.
The flights are meant to supplement the chartered civilian flights already operating, the ministries added. Those removed from Israel on the military flights will be brought to Cyprus.
About 250,000 French citizens live in Israel.
