Industry
With US-Iran tension, Korea braces for oil price hike
Jan. 6, 2020
Heightened tensions between the US and Iran may force South Korea to further lower its oil import reliance on the Middle East, according to industry watchers. As hostilities between the two nations escalated over the weekend, international oil prices have soared, stocks have fallen and prices for safe assets have soared. International benchmark Brent crude closed at $68.60 a barrel on Friday, up 3.55 percent, the highest level in six months. Gold rose 1.3 percent to $1,549 an ounce, the highest