Finance ministry says U.S.-Iran ceasefire may ease oil supply concerns | Yonhap News Agency

## Summary
OK SEOUL, April 8 (Yonhap) -- South Korea's finance ministry said Wednesday that a two-week ceasefire between the United States and Iran could help ease global oil supply conditions, yet uncertainties remain. The key Middle Eastern shipping route has effectively been closed since U.S.-Israeli strikes on Iran in late February, disrupting oil supplies and pushing up global oil prices. "While the ceasefire announced today and the temporary lifting of the Strait of Hormuz blockade could somewhat ease crude oil supply conditions, uncertainties remain regarding future developments, and it is necessary to continue monitoring their impact on our economy," Moon said. The Ministry of Finance and Economy (Yonhap) khj@yna.co.kr (END) Related Articles (3rd LD) Trump agrees to 2-week ceasefire with Iran, 'subject to' Hormuz Strait reopening Keywords #oil supply #Strait of Hormuz Articles with issue keywords Most Liked BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP (LEAD) BTS tops Billboard albums chart for 2nd week with 'Arirang,' a first in K-pop 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho Lee voices hope for peace in Easter message (2nd LD) Trump claims Iran's president has asked for ceasefire; Iran denies it Most Saved 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho (3rd LD) Lee says S. Korean actress IU Nobel chemistry laureate in Seoul prev Finance ministry says U.S.-Iran ceasefire may ease oil supply concerns Next Finance ministry says U.S.-Iran ceasefire may ease oil supply concerns

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SEOUL, April 8 (Yonhap) -- South Korea's finance ministry said Wednesday that a two-week ceasefire between the United States and Iran could help ease global oil supply conditions, yet uncertainties remain.
The assessment was made during a meeting between Moon Ji-sung, deputy minister for international economic affairs, and officials from oil-importing companies, the Export-Import Bank of Korea and the Korea National Oil Corp. to review financial support for oil imports.
U.S. President Donald Trump earlier said he had agreed to suspend strikes on Iran for two weeks, on the condition that the Islamic Republic accepts the "complete" and "immediate" reopening of the Strait of Hormuz.
The key Middle Eastern shipping route has effectively been closed since U.S.-Israeli strikes on Iran in late February, disrupting oil supplies and pushing up global oil prices.
"While the ceasefire announced today and the temporary lifting of the Strait of Hormuz blockade could somewhat ease crude oil supply conditions, uncertainties remain regarding future developments, and it is necessary to continue monitoring their impact on our economy," Moon said.
He added the government will work closely with relevant agencies to closely monitor oil supply and financial support conditions to ensure that necessary support is provided in a timely manner.
The Ministry of Finance and Economy (Yonhap)
khj@yna.co.kr
(END)
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Finance ministry says U.S.-Iran ceasefire may ease oil supply concerns

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## Expert Analysis

### Merits
N/A

### Areas for Consideration
- The Ministry of Finance and Economy (Yonhap) khj@yna.co.kr (END) Related Articles (3rd LD) Trump agrees to 2-week ceasefire with Iran, 'subject to' Hormuz Strait reopening Keywords #oil supply #Strait of Hormuz Articles with issue keywords Most Liked BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP (LEAD) BTS tops Billboard albums chart for 2nd week with 'Arirang,' a first in K-pop 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho Lee voices hope for peace in Easter message (2nd LD) Trump claims Iran's president has asked for ceasefire; Iran denies it Most Saved 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho (3rd LD) Lee says S.

### Implications
- OK SEOUL, April 8 (Yonhap) -- South Korea's finance ministry said Wednesday that a two-week ceasefire between the United States and Iran could help ease global oil supply conditions, yet uncertainties remain.
- The key Middle Eastern shipping route has effectively been closed since U.S.-Israeli strikes on Iran in late February, disrupting oil supplies and pushing up global oil prices. "While the ceasefire announced today and the temporary lifting of the Strait of Hormuz blockade could somewhat ease crude oil supply conditions, uncertainties remain regarding future developments, and it is necessary to continue monitoring their impact on our economy," Moon said.
- He added the government will work closely with relevant agencies to closely monitor oil supply and financial support conditions to ensure that necessary support is provided in a timely manner.
- The Ministry of Finance and Economy (Yonhap) khj@yna.co.kr (END) Related Articles (3rd LD) Trump agrees to 2-week ceasefire with Iran, 'subject to' Hormuz Strait reopening Keywords #oil supply #Strait of Hormuz Articles with issue keywords Most Liked BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP (LEAD) BTS tops Billboard albums chart for 2nd week with 'Arirang,' a first in K-pop 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho Lee voices hope for peace in Easter message (2nd LD) Trump claims Iran's president has asked for ceasefire; Iran denies it Most Saved 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho (3rd LD) Lee says S.

### Expert Commentary
This article covers korea, oil, iran topics. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 484.