(3rd LD) Lee orders retention of oil price caps until price uncertainty completely recedes

Go to Contents Go to Navigation Facebook X More Pinterest Linked in Tumblr Reddit Facebook Messenger Copy URL URL is copied. OK (ATTN: UPDATES with more remarks in last 2 paras)By Park Boram BRASILIA, July 26 (Yonhap) -- 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 instructed officials to maintain other related measures, such as oil tax cuts, saying further action should be considered if the situation worsens. President Lee Jae Myung presides over an online meeting with senior officials from Brasilia, Brazil, on July 26, 2026. (Yonhap) The president's remarks came as the renewed conflict in the Middle East pushed global oil prices to around US$100 per barrel for the first time since May.

The Seoul government introduced fuel price caps in mid-March in a bid to stabilize domestic fuel prices amid supply chain disruptions driven by the conflict in the Middle East. "If the situation worsens, further measures should be proactively considered to ease the burden on people's livelihoods," the president told the meeting, citing truck drivers, heavy equipment operators, farmers and migrant workers as those especially vulnerable to high oil prices. Lee, in particular, instructed officials to thoroughly scrutinize market irregularities, such as market cornering or price-fixing involving goods essential to people's livelihoods, as he called for efforts to help keep prices stable.

President Lee Jae Myung (L) attends an online meeting with senior officials from Brasilia, Brazil, on July 26, 2026. (Yonhap) Referring to his two-day visit to San Francisco on Friday and Saturday, the president touted the trip as elevating partnerships with global tech giants into the level of what he called an "artificial intelligence alliance." During his visit to San Francisco, the South Korean president met with the chiefs of four global tech giants, including OpenAI Chief Executive Officer (CEO) Sam Altman and Nvidia Corp.

CEO Jensen Huang, calling for closer partnerships with South Korean firms in artificial intelligence (AI). At a separate high-level meeting attended by Lee, global tech giants and South Korean tech conglomerates agreed to pursue a series of cooperation projects worth a combined $950 billion, including a long-term deal under which SK Group will supply $750 billion worth of high-performance semiconductors to Nvidia and others. During the visit, Lee also issued the "San Francisco AI Declaration," outlining a vision to make South Korea a trustworthy production base and supply partner for AI semiconductors.

"It constitutes South Korea's bid to become an irreplaceable leader in the AI era," the president told the virtual meeting with his aides, instructing officials to ensure follow-up measures so that the achievements can bear tangible fruit for the economy and people's livelihoods. The president also pledged to expand diplomacy with South American countries, stressing the region's large population and abundant natural resources. "Amid rapid shifts in the international order, efforts to diversify diplomatic networks are essential for the country's stable development," he said.

Lee is scheduled to hold a summit with President Luiz Inacio Lula da Silva in the capital, Brasilia, on Monday, followed by a business roundtable in Sao Paulo the next day. Lee will head to Chile on Wednesday for a summit with his Chilean counterpart, Jose Antonio Kast, followed by a trip to Argentina for talks with Argentine President Javier Milei. In a subsequent press briefing in Brasilia, chief presidential spokesperson Kang Yu-jung said Lee also instructed officials to thoroughly address illegal fishing by Chinese vessels in the Yellow Sea near the Northern Limit Line, the de facto inter-Korean maritime border.

During the meeting, the president also stressed the need to establish an institution dedicated to ensuring the stable management of the supply chain for critical minerals, according to Kang. pbr@yna.co.

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