surge

South Korea to import eggs to curb chicken price surge

The Ministry of Agriculture, Food and Rural Affairs building. Photo by Asia Today

March 30 (Asia Today) — South Korea’s agriculture ministry said Monday it will urgently import 15 million broiler hatching eggs in an effort to curb rising chicken prices.

The Ministry of Agriculture, Food and Rural Affairs said retail prices for broiler chicken have climbed sharply in recent days, increasing by about 300 won (about $0.22) per kilogram over the past 10 days.

According to the Korea Agro-Fisheries and Food Trade Corporation’s price system, the average price rose from 6,252 won ($4.60) per kilogram on March 19 to 6,534 won ($4.80) on March 28. Peak prices rose from 7,182 won ($5.30) to 7,980 won ($5.90) over the same period.

Officials warned that rising chicken costs could lead to higher prices for fried chicken, a widely consumed food in South Korea, potentially pushing up overall dining-out inflation.

The ministry said it is in talks with the Netherlands over quarantine procedures for importing the eggs and is also considering Belgium as an alternative supplier if negotiations stall.

If talks are successful, imports could begin as early as early April. Combined with 778,000 eggs already imported from Spain in March, total imports would reach about 23 million eggs.

However, officials acknowledged that the measure may not provide immediate relief. It is expected to take about two months for the imported eggs to be hatched, raised and processed into chicken products available in stores.

The ministry is also reviewing measures to ask major poultry producers to refrain from raising prices during the period.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260330010009113

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Bond yields surge as Iran war stirs inflation fears almost a month into the conflict

Yields on government debt across European countries and the United States have been rising since the start of the Iran war.


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Investors are demanding higher yields as confidence in the global economy has cratered due to the severe negative impact of the conflict on energy markets, supply chains and Middle Eastern infrastructure.

The 2-year notes, sensitive to near-term rate expectations, have risen faster than their 10-year counterparts in a classic bear-flattening move, while longer-dated yields reflect worries over the economic drag caused by more expensive energy.

Speaking to Euronews, BCA Research’s Chief Fixed Income Strategist, Robert Timper, explained that “the aggressive bear flattening of yield curves reflects a hawkish monetary policy repricing in response to inflation fears stemming from the Iran war”.

“The front-end [2-year yields] is more sensitive to changes in monetary policy and has therefore risen more than the long-end [10-year yields] in response to investors’ anticipation of more hawkish central bank policy,” Timper added.

Historically, this specific curve behaviour often precedes an inverted yield curve, which is a well-recognised indicator of a potential economic recession.

European bonds bear the brunt of the sell-off

The repricing has been most pronounced in Europe, with the UK bond market feeling the biggest pressure.

Since the start of the conflict, the 10-year UK gilt yield has risen from 4.2% to a high of over 5% while the 2-year note yield jumped from 3.5% to a peak of 4.6%.

Timper explained to Euronews that past inflation experience has proved decisive, stating that “rate hikes in the UK are more likely than elsewhere because inflation has been more elevated than elsewhere, and the risk of inflation expectations unanchoring is therefore higher.”

On Wednesday, AJ Bell’s investment director Russ Mould highlighted the UK-specific implications in a detailed press release, noting that the 10-year gilt yield is hovering near 5% for only the third time since 2008 while the 2-year gilt yield comfortably exceeds the Bank of England base rate.

Mould also explained that the gap between the 10-year gilt yield and the FTSE 100 dividend yield has widened to more than one-and-a-half percentage points, making UK equities relatively less attractive.

Elsewhere in Europe, bond yields experienced similar surges.

Germany’s 10-year bund yield increased from 2.65% to around 3%, nearing 15-year highs, while the 2-year note yield climbed from roughly 2% to 2.65%.

In France, the 10-year OAT yield jumped from 3.2% to above 3.7%, approaching 17-year peaks, while the 2-year note yield has risen from 2.1% to over 2.8%.

As for Italy, the 10-year BTP yield was at around 3.3% before the Iran war and has now surpassed 3.9%, approaching two-year highs, while the 2-year note yield has increased from roughly 2.15% to 3%.

In every single one of these bond markets, the yield on the 2-year notes has risen faster than their 10-year counterparts.

The 30 and 20-year bond yields are also all trading higher which denotes deteriorating confidence in the long-term growth prospect of the respective European economies.

US Treasuries face comparable headwinds

Across the Atlantic, US Treasuries have followed a similar trajectory, though the sell-off has been less severe than in the UK for example.

The 10-year note yield has risen from around 3.9% to a peak of 4.4%, reached on Monday, and is currently trading at 4.37%.

Meanwhile, the 2-year note yield increased from 3.35% to a high of over 4%, and it is hovering 3.9% at the time of writing.

The yields on both notes have hit an 8-month high.

Timper’s analysis places US bond performance close to that of the euro area, reflecting broadly comparable inflation histories and policy outlooks. There is scant evidence of investors fleeing European bonds for US Treasuries as a safe-haven trade.

Speaking to Euronews, Timper explained that such shifting flows would be more visible in currency markets as the US dollar benefits from being the predominant denominator for energy exports.

For now the message from bond markets on either side of the Atlantic is consistent, the Middle East conflict has rewritten the near-term outlook for inflation, monetary policy and borrowing costs.

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Cuba aid surge raises questions over motives, who is being helped

Members of the Nuestra America Convoy wave as they arrive at the port in Havana on Tuesday. The convoy, inspired by the Global Sumud Flotilla that delivered humanitarian aid to Gaza in 2025, aims to send a message of political support to Cuba, which has been subject to a U.S. oil embargo since January. Photo by Ernesto Mastrascusa/EPA

March 26 (UPI) — The flow of humanitarian aid to Cuba has increased in recent days with shipments of food, medicine and fuel from governments, regional allies and an international flotilla of activists amid a crisis marked by widespread blackouts and shortages of basic supplies.

However, alongside the arrival of that assistance, a debate has also grown inside and outside the island over its real impact, distribution and motives of some of those behind it.

Mexico provided the most significant shipments, with more than 1,200 tons of food transported on two Navy vessels in mid-March, followed by new cargo announced days later.

Meanwhile, Caribbean countries are preparing additional packages with powdered milk, infant formula, nonperishable food, medical supplies and energy equipment, such as solar panels and batteries. China sent 60,000 tons of rice.

Fuel shipments confirmed by Russian authorities, in an attempt to ease the energy crisis affecting the island, have not arrived and seem to be in limbo because of the U.S. embargo.

Cuba faces a structural deficit in electricity generation — because of a massive shortage of oil — that has led the system to operate under severe pressure, producing barely half of the electricity needed to cover total demand.

The gap between supply and consumption has forced authorities to implement widespread outages to avoid a total collapse, especially during peak hours, causing prolonged blackouts across the country that affect hospitals, transportation, cold chains and daily life.

Seeking to assist, the international flotilla “Nuestra América” arrived in Havana starting Friday. Organizers said they transported more than 20 tons of essential supplies.

The initiative brought together more than 650 participants from 33 countries, including doctors, activists, political figures, artists and digital content creators. Most participants arrived by air, while a vessel arrived Tuesday in Havana. President Miguel Díaz-Canel personally received those aboard.

Organizers of relief missions say Cuba is on the verge of an “imminent humanitarian collapse” and attribute the situation to United States policy, including sanctions and restrictions linked to oil trade.

But inside the island, some Cubans express doubts about the destination of that aid.

“These people come here to benefit the regime in Cuba,” said Berta Solórzano, a resident of Old Havana, in statements reported by Radio Martí.

Activist Yanaisy Curvelo, mother of a political prisoner, expressed an even more direct view:

“They believe in dictators, that’s why it works like this. …. None of those donations go to the people, everything goes to the stores — in MLC [a digital currency created by the Cuban government] or dollars.”

Near the port of Havana, where the relief ship Granma 2.0 docked, a resident identified as Manuel Soria said, “What they came here for is to support the dictatorship of the Castro regime. If it comes under these conditions, then they should not come anymore because we have not seen any help. We have not benefited, what we are is hungrier every day.”

Opposition figure Manuel Cuesta Morúa questioned the convoy’s approach.

“Instead of talking about the conditions and circumstances and the real situation of the country, they decide and dedicate themselves to reviving their utopia,” he said.

He also used a metaphor to describe the situation: “The most powerful image I have was given by [Cuban American] activist [Manolo De Los Santos] Ramallo is that this is like the Titanic. It is like someone playing music on the deck of the ship while it’s sinking.”

Doubts are not limited to opposition sectors. Cuban researcher Elaine Acosta, affiliated with Florida International University in Miami, described the convoy in statements to El País as a political maneuver more linked to elites than to citizen needs, and she warned about the risk of aid diversion.

Egyptian filmmaker Basel Ramsis Labib, with historical ties to Cuba and experience in flotillas to Gaza, questioned the initiative and described it as “ridiculous.”

Cuba is not Gaza,” he wrote, adding that anyone who wants to help can send medicine and food directly, without incurring the high logistical costs of a flotilla.

He said those resources could have been allocated more efficiently to the population and criticized what he described as a component of “egocentrism” and a search for political visibility.

He also questioned the symbolic nature of the initiative, including the name “Granma 2.0,” and warned that some attitudes are “insulting” in the face of food shortages, fuel scarcity and the energy crisis.

“The Cuban people need gasoline, medicine, food and serious reform,” he said.

The controversy was amplified by the participation of international figures and scenes that some considered disconnected from the crisis context.

Irish hip hop group Kneecap performed a concert in Cuba during a blackout, which generated criticism on social media over the contrast between the event and the country’s energy situation.

Another focus of criticism was American political commentator Hasan Piker, who participated in the convoy and said he sought to raise awareness about the effects of United States policy on Cuba. During his visit, he described the country as “incredible” and highlighted the resilience of its population.

His statements were criticized and compared to a disconnect between that discourse and his behavior. Piker came under scrutiny for staying at a luxury hotel and wearing expensive clothing and accessories, prompting comparisons with living standards on the island.

Former Spanish Vice President Pablo Iglesias also became part of the controversy after defending the humanitarian mission from Havana in a video recorded from a five-star hotel, according to posts and analysis shared on social media.

@okdiario_oficial

“Lujo comunista”. Pablo Iglesias y su comitiva de “camaradas” disfrutan del lujo eléctrico en un hotel de cinco estrellas mientras el pueblo cubano se hunde en la absoluta oscuridad. Las imágenes son demoledoras: una capital fantasmagórica, castigada por la miseria energética del régimen, donde el único edificio que brilla con luz propia es el búnker de lujo que aloja a la casta de la izquierda española. Una vez más, la “justicia social” de Iglesias se traduce en aire acondicionado y lámparas de neón para los jerarcas, mientras los ciudadanos de a pie sufren apagones interminables en un país en ruinas. ♬ sonido original – OKDIARIO – OKDIARIO

In that message, he said the situation is “difficult, but not as it is presented from outside.”

The reaction included direct criticism from Cuba. Journalist Ariel Maceo Téllez questioned the legitimacy of such interventions and said Cubans understand their reality better than foreign observers.

In his message, he denounced the coexistence of widespread shortages and the development of luxury tourism infrastructure, noting that many Cubans cannot access those places.

Humanitarian aid to Cuba has increased in volume and visibility, but its impact is conditioned by internal distribution capacity, state control and the persistent energy crisis.

The Cuban Observatory of Human Rights said in its 2025 report that 89% of the population lives in extreme poverty and that 71% has been forced to skip meals due to food shortages.

The real impact of the aid will depend on its ability to effectively reach the population in a scenario of increasingly widespread needs.



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Palestine weekly wrap: West Bank attacks surge, Israel restricts Gaza aid | Gaza News

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Settler attacks, restrictions on aid, and land seizures marked a week that was supposed to be one of celebration for Palestinians. Al Jazeera’s Nida Ibrahim and Tareq Abu Azzoum explain what’s been going on in the occupied West Bank and Gaza.

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EU urges members to start storing winter gas as Iran war causes price surge | Oil and Gas News

War, which saw Iran attack Qatar facility, has caused ‘high, volatile’ gas prices that could hit EU storage projections.

The European Union has urged member states to start early on meeting next winter’s gas storage targets after Iranian attacks on Gulf energy facilities caused prices to surge on global markets.

Energy Commissioner Dan Jorgensen sent a letter Saturday urging the bloc’s members to get to work “as early as possible” in the coming months to “mitigate pressure on prices and avoid [an] end-of-summer rush”, asking them to consider cutting their so-called filling target by 10 percentage points to 80 percent.

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The move came days after Iran attacked Qatar’s Ras Laffan Industrial City complex, which provides about 20 percent of global supplies of liquefied natural gas (LNG). The attack, which came amid the US-Israeli war on Iran, was in retaliation for an Israeli attack on the Iranian South Pars gasfield.

State-owned QatarEnergy said that Iran’s attack on Qatar, which has been targeted throughout the duration of the war, knocked out 17 percent of Doha’s export capacity and would affect exports for up to five years.

The slowdown will mainly harm Asian buyers, including China, Japan, and India, which buy some 80 percent of QatarEnergy’s LNG.

But Europe, which only sources around 9 percent of its LNG from Qatar, will nevertheless be exposed to increased competition, with tanker traffic leaving the Gulf via the Strait of Hormuz throttled by the war.

Natural gas prices in the EU have risen by more than 30 percent since the start of the war on February 28, spiking after Israel’s attack on Iran’s critical South Pars gasfield and subsequent Iranian attack on Qatar’s Ras Laffan.

Jorgensen said that the EU’s gas supply, which has mainly been furnished by the United States since the bloc weaned itself off Russian energy over the Ukraine war, remained “relatively protected at this stage”.

“But, as a net energy importer on global markets, the resulting high and volatile global prices may also impact the EU gas storage projections,” he cautioned.

Jorgensen warned that developments “threaten regional and global security”, urging member states to refill stores early over a longer period.

The EU requirement for member countries to maintain gas reserves at 90 percent of capacity to meet winter heating and power demand underpins the region’s energy security.

Having cut that target by 10 percent, the energy commissioner noted that, in case of “difficult conditions” and a commission assessment, the countries could deviate by up to 20 percent.

Oil prices have also soared since the start of the war by more than 50 percent.

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Portugal travel update issued by FCDO as booking surge due to Iran war

More than 2.5million Brits visited Portugal last year, and it could be even more popular in 2026 due to the Iran conflict

The Foreign, Commonwealth and Development Office (FCDO) has issued updated travel guidance for those heading to Portugal. The update was released today (March 20).

Fresh information has been provided for individuals seeking to remain in Portugal beyond 90 days under exceptional circumstances. The updated guidance states: “If you’re visiting Portugal and need to extend your visa-free stay for exceptional reasons, such as a medical emergency, you must apply to AIMA using their contact form (access is only available to users in Portugal). If you’re in Portugal with a residence permit or long-stay visa, this does not count towards your 90-day visa-free limit.”

It adds: “If you’re in Portugal with a residence permit or long-stay visa, this does not count towards your 90-day visa-free limit.”

For British passport holders, visas aren’t required for short visits to EU nations or Schengen zone countries provided both conditions are met:

Your combined stay within the Schengen zone must not exceed 90 days within any 180-day period. The number of countries visited is irrelevant. The 180-day timeframe continuously ‘rolls over’, reports the Liverpool Echo.

EES

Since October 2025, the European Union has implemented the Entry/Exit System (EES), requiring travellers to provide fingerprints and photographs upon initial entry to or departure from the Schengen zone. It is scheduled to be fully operational by 10 April. However, the system has been plagued by teething problems, resulting in many travellers waiting for hours at airports. Because the system requires non-EU visitors – including Brits – to register their fingerprints and take a photo in person at the border, the additional registration time is already causing massive queues for non-European passengers at airports across the region.

It has caused such disruption that some locations have temporarily suspended its use. The European Commission has suggested that border authorities may pause the new system for up to six hours during peak travel times until September to help ease congestion.

READ MORE: Travel expert Simon Calder warning for anyone with Dubai, UAE or Bahrain flights bookedREAD MORE: Martin Lewis flags ’21-day rule’ for motorists to slash cost of driving

Portugal

More and more Brits are booking flights to Portugal as the conflict in the Middle East continues. Destinations like Cyprus, Turkey, Greece, Egypt, and Dubai are being viewed as increasingly risky, so travellers are opting for safer alternatives like Portugal and Spain.

Bookings to Portugal had increased by 42% over the two weeks to 13 March, according to Thomas Cook – the largest rise in any of the countries they arrange holidays to. It was followed by the Balearic Islands (40 per cent) and the Canary Islands (16 per cent).

TravelSupermarket shared data on online search interest, which it said demonstrates a “clear surge” for European and Atlantic destinations and away from the Middle East.

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Lakers surge late and defeat Rockets for their sixth consecutive win

In their first meeting of the season on Christmas Day, Lakers coach JJ Redick said the Lakers were “punked” by the Houston Rockets and vowed not to let it happen again.

On Monday, the Lakers displayed their toug to hness in a 100-92 win over the Rockets at Toyota Center.

Even when they missed 14 comsecutive shots at one point in the fourth quarter, the Lakers showed their resilience with a gritty defensive effort that kept them in the game. The Lakers scored only 17 points in the fourth, but they held the Rockets to just 12 points en route to their sixth consecutive win.

“They’re a really good basketball team and they make you either play hard and match their physicality, and how they muck the game up, or you can lay down,” Redick said. “And we didn’t lay down tonight. Had a deficit there in the third quarter. Our guys just kept playing.”

Luka Doncic led the Lakers with 36 points, six rebounds and four assists. LeBron James scored 18 points and Austin Reaves had 15 points.

But three big baskets from Deandre Ayton (seven points, 11 rebounds) and a big three-pointer by Marcus Smart (11 points) helped the Lakers open their six-game trip with a win.

Sitting third in the Western Conference, the Lakers (43-25) will take a 1½-game lead over the Rockets (41-26) into their rematch on Wednesday night.

“Obviously, we have another one on Wednesday, but it was a very important game,” said Doncic, who shot 14 for 27 from the field. We’ve been playing very good. Our defense has been pretty good, so just gotta continue that way.”

The Lakers threw double teams at Houston’s Kevin Durant all game, limiting him to 18 points and forcing him into seven of the Rockets’ 24 turnovers.

Durant shot only 16 times yet made eight. He was one for three in the fourth quarter and had just as many turnovers as points (two) in the final 12 minutes. One of those turnovers was on an eight-second violation.

“He’s one of the greatest players we’ve ever seen play,” James said. “Obviously you got to try to show him different looks, try to keep him off-balanced and when he shoots, hope he misses. So, I thought we did a good job of having a game plan but also just switching up our pitches.

“You can’t show a great like that too many of the same coverages throughout the whole game. He’ll get a feel for it.”

Doncic got off to what has become his typical first-quarter starts, scoring 16 points on seven-for-10 shooting. But Houston took a 58-51 lead at halftime after taking control of the boards in the second quarter. The Rockets turned six offensive rebounds into 13 points.

The Lakers also had a hard time scoring, shooting only 32% from the field and 13% (one for eight) from three-point range in the quarter.

After trailing by as many as 10 points in the third quarter, the Lakers surged and took an 83-80 lead heading into the fourth. After what happened in L.A. back in December, the Lakers were determined not to let Houston run away with the game.

After taking an 85-80 lead, the Lakers struggled to find consistent offense until Ayton checked back into the game with 4:52 left. Ayton scored on a tip shot to give the Lakers an 89-88 lead, then scored off a pair of offensive rebounds in the final 90 seconds to help keep the Lakers ahead for good. He finished with six points and five rebounds in the fourth quarter.

“He was amazing,” James said. “I mean, just the fact that he was sitting over there for as long as he did and stayed locked in on the game and came in and finished the game. He was able to get a tip-dunk, a couple of jump hooks around the rim, and a couple of rebounds. He helped us finish the game.”

Note: Lakers backup center Maxi Kleber did not play as he continues to recover from a lumbar back strain. “He’s basically been shut down for five days to sort of heal,” Redick said. “He’s not with us right now, and we hope he’s able to join us later on in the trip.”

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Editorial: Oil, currency surge raises stagflation fears in South Korea

Fuel prices are displayed at a gas station in Seoul, South Korea, 15 March 2026. South Korea implemented a temporary cap system on 13 March to ease soaring fuel prices and reduce the burden on consumers, setting maximum prices for products oil refineries supply to gas stations and distributors. Photo by YONHAP / EPA

March 16 (Asia Today) — This commentary is the Asia Today Editor’s Op-Ed.

International oil prices and South Korea’s currency are rising sharply again as the Middle East conflict intensifies, raising growing concerns that the country could slide into stagflation.

On March 13, global crude prices climbed back above $100 per barrel, while the Korean won weakened beyond 1,500 per U.S. dollar in overnight trading. The simultaneous surge in energy prices and the exchange rate has heightened fears that South Korea could face a worst-case scenario in which economic growth slows while inflation accelerates.

Such developments threaten to derail the government’s economic targets for the year – about 2% growth and inflation in the 2% range – making emergency policy responses increasingly urgent.

Brent crude futures for May delivery closed at $103.14 per barrel, up 2.7% from the previous day. It was the first time Brent crude exceeded $100 since August 2022.

U.S. West Texas Intermediate (WTI) crude futures settled at $98.71 per barrel, approaching the $100 threshold. Meanwhile, Dubai crude, the benchmark most relevant to South Korea’s imports, surged to $123.50 per barrel, up $34.60 from the previous week.

As oil prices surged, investors turned toward the U.S. dollar as a safe-haven asset. The won-dollar exchange rate closed at 1,497.5 won per dollar in overnight trading, up 16.3 won from the regular daytime session. During trading, the rate briefly rose to 1,500.9 won, crossing the psychologically important 1,500 level for the first time in seven trading days.

The twin surge in oil prices and the exchange rate has been driven largely by escalating tensions in the Middle East.

Iran has openly threatened to block the Strait of Hormuz, a critical chokepoint through which about 20% of the world’s crude oil supply passes. Iran’s new supreme leader, Mojtaba Khamenei, declared a prolonged confrontation in his first official statement on March 12, saying Tehran should continue using the possibility of a Hormuz blockade as leverage against the United States and Israel.

Oil prices, which had briefly stabilized after U.S. President Donald Trump suggested the conflict might end soon, surged again following the statement.

Tensions escalated further after the United States launched airstrikes on Kharg Island, Iran’s largest oil export hub, on March 13. Iran retaliated by attacking the Fujairah port in the United Arab Emirates, a key oil-export route that bypasses the Strait of Hormuz, putting global energy supply chains on alert.

Trump has also urged five countries – including South Korea, China and Japan – to dispatch naval vessels to the Strait of Hormuz, pushing regional military tensions to a new peak.

Economic analysts warn the shock could have serious consequences for South Korea’s economy.

The Korea Development Institute (KDI) warned last week that rising oil prices linked to the Middle East conflict would increase inflationary pressure while weakening economic growth.

The Hyundai Research Institute estimated that if oil prices climb to $150 per barrel, South Korea’s economic growth rate could fall by 0.8 percentage points.

The government is considering a supplementary budget of 10 trillion to 20 trillion won ($7.5 billion to $15 billion) and temporary fuel tax cuts. However, these measures would only offer short-term relief.

A more fundamental solution lies in reducing South Korea’s heavy reliance on Middle Eastern crude oil, which accounted for 69% of total imports last year. Diversifying energy sources by expanding imports from countries such as Brazil and Norway should be pursued urgently.

The government must mobilize every available policy tool – including measures to stimulate domestic demand – to prevent what could become the fourth Middle East-driven oil shock from pushing the economy into stagflation.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260315010004332

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G7 ‘not there yet’ on releasing oil reserves as Iran war drives price surge

By Quirino Mealha with AP

Published on Updated

G7 finance ministers discussed a coordinated release of emergency oil reserves on Monday but failed to reach agreement, with France’s Roland Lescure saying the group was “not there yet” on a deal.


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The G7 was exploring a coordinated release of emergency oil reserves to tamp down fears of an impending shortage but stopped short of a deal.

Japan’s finance minister, Satsuki Katayama, said the International Energy Agency (IEA) explicitly requested the coordinated release during the G7 meeting, according to Bloomberg.

Brent crude briefly hit $119.50 a barrel on Monday morning, its highest level since 2022, having jumped roughly 25% since Friday as the Iran war intensified, raising fears over global production and shipping.

At the time of writing, oil prices pared gains and are trading slightly below $100 a barrel, as markets remain highly volatile.

Stock markets fell worldwide on concerns the global economy would not be able to absorb a sustained oil price shock.

Equity markets drop over uncertainty

At the open on Monday, the S&P 500 fell 1.3%, coming off its worst week since October. The Dow Jones Industrial Average was down 1.5% and the Nasdaq composite 1.2% lower.

The most immediate pain on Wall Street is hitting companies with large fuel bills. Carnival lost 7.3%, United Airlines sank 6.9% and Old Dominion Freight fell 3.8%.

Retailers dependent on long-haul shipping, whose customers are also facing higher petrol costs, also struggled. Best Buy fell 4.4% and Williams-Sonoma dropped 4%.

The moves followed steeper losses in European and Asian markets, where economies are more exposed to imported oil and gas. South Korea’s Kospi sank 6%, Japan’s Nikkei 225 dropped 5.2% and Europe’s Euro Stoxx 50 tumbled 1%.

Potential stagflation scenario

Since the war with Iran began, the central worry for financial markets has been how high oil prices will go and how long they will stay there.

If prices stay very high for very long, household budgets already stretched by high inflation could break under the pressure.

Meanwhile, companies would see their own bills jump for key items such as fuel and stock items, as well as for powering their data centres.

It all raises the possibility of a worst-case scenario for the global economy: stagflation, or a period when economic growth stagnates and inflation remains persistently high.

Late on Sunday, President Donald Trump countered this narrative by assuring that high oil prices at the moment are both worth the cost and only temporary.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and world, safety and peace,” he said in a post on Truth Social.

In the bond market, the yield on the 10-year Treasury held at 4.15%, where it ended Friday.

Worries about high inflation and oil prices are applying upward pressure on Treasury yields, while risks of a slowing economy are pulling in the opposite direction.

Concerns about stagflation deepened on Friday following a surprisingly weak US jobs report showing that employers cut more jobs last month than they added.

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Governments Rush to Ease Impact of Oil Surge

The ongoing U.S.-Israeli conflict with Iran has sent oil prices soaring, rattling global financial markets and prompting governments to implement urgent measures to protect their economies and citizens from energy shortages and rising costs. As the war disrupts critical supply routes through the Strait of Hormuz, countries heavily reliant on oil imports are scrambling to stabilize domestic fuel supplies and mitigate inflationary pressures.

South Korea Caps Fuel Prices

In a historic move, South Korean President Lee Jae Myung announced that the government would cap domestic fuel prices for the first time in nearly 30 years. Authorities are also seeking alternative energy sources beyond shipments through the Strait of Hormuz. To support the measure, a 100 trillion won ($67 billion) market-stabilization program may be expanded if necessary, reflecting the severity of the supply shock.

Japan Prepares Strategic Oil Reserves

Japan has instructed a national oil reserve storage facility to prepare for a possible release of crude oil, according to opposition party lawmaker Akira Nagatsuma. While precise details and timing remain unclear, this measure underscores Japan’s reliance on strategic reserves to manage sudden spikes in global energy prices.

Vietnam Removes Fuel Import Tariffs

Vietnam is temporarily eliminating import tariffs on fuels to ensure continued domestic supply amidst global disruptions. The government expects this measure to remain in effect until the end of April, aiming to reduce cost pressures on both businesses and consumers.

Indonesia Boosts Fuel Subsidies and Biodiesel Plans

Indonesia is increasing budget allocations for fuel subsidies, currently totaling 381.3 trillion rupiah ($22.5 billion), to offset rising energy costs and maintain affordable electricity and fuel prices. The government may also revive plans to expand the B50 biodiesel program, blending 50% palm oil-based biodiesel with conventional diesel, as a longer-term strategy to reduce dependency on imported oil.

China Halts Fuel Exports

China has directed refiners to suspend new fuel export contracts and attempt to cancel previously committed shipments. This policy excludes jet fuel for international flights, bonded bunkering, and supplies to Hong Kong or Macau. The move is designed to secure domestic fuel availability amid soaring global prices.

Bangladesh Closes Universities and Rations Fuel

Bangladesh, which depends on imports for 95% of its energy, has implemented emergency measures including university closures and rationing fuel sales to conserve electricity and fuel. Daily fuel sale limits were imposed after panic buying and stockpiling, highlighting the country’s vulnerability to regional energy disruptions.

Analysis: A Coordinated Global Response

These measures illustrate the unprecedented economic ripple effects of the Middle East conflict. Countries with high import dependency are balancing immediate crisis management such as subsidies, price caps, and rationing with longer-term energy strategies, including strategic reserve releases and alternative fuel initiatives.

The rapid policy responses also underscore the fragility of global energy markets in the face of geopolitical conflicts. Central banks and governments must navigate a complex trade-off: containing inflation while ensuring sufficient energy supply to prevent industrial slowdowns and social unrest.

As the conflict persists, global energy markets remain highly volatile, and governments may need to continue adjusting policy tools to stabilize domestic economies, with potential implications for trade, inflation, and energy security worldwide.

With information from Reuters.

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Forced stock sales surge as margin debt tops $1.6B

Trend of forced stock liquidations since the start of the year. Data from Korea Financial Investment Association. Graphic by Asia Today and translated by UPI

March 8 (Asia Today) — Forced stock sales in South Korea surged this week as rising market volatility triggered margin calls for investors who borrowed money to buy shares.

According to the Korea Financial Investment Association, forced liquidations totaled 77.7 billion won ($58 million) as of Wednesday, the eighth-largest amount recorded since the data began in 2006.

Outstanding margin balances also climbed to 2.15 trillion won ($1.6 billion), the highest level on record.

The sharp increase follows a strong rally in South Korean stocks earlier this year, driven largely by optimism surrounding artificial intelligence and semiconductor demand. However, geopolitical tensions in the Middle East have increased market volatility and halted the rally, prompting forced selling by heavily leveraged investors.

Margin balances occur when investors purchase stocks through brokerage accounts but fail to fully pay for the shares by the settlement deadline. If the funds are not repaid within two business days, brokerage firms may liquidate the holdings to recover the debt.

Analysts say the surge in forced sales highlights structural vulnerabilities in the South Korean stock market.

After tensions escalated in the Middle East, major East Asian markets including Japan, China, Taiwan and Hong Kong fell about 1% to 5% on the first trading day. South Korea’s market, however, dropped more than 12%, reflecting its heavier concentration in semiconductor stocks that had previously surged during the AI-driven rally.

The scale of outstanding margin balances has more than doubled since the start of the year. On the first trading day of 2026, unpaid balances totaled about 927.3 billion won ($690 million).

Because forced liquidations typically follow unpaid margin balances from the previous trading day, analysts warn that additional selling pressure could emerge if the outstanding balances remain elevated.

Yang Jun-seok said investors relying on borrowed funds should adopt a more cautious strategy.

“While the AI rally could continue supporting the broader market, volatility may increase due to developments related to Iran,” Yang said. “Investors using leverage are particularly vulnerable to market shocks and should consider exit strategies.”

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260309010002100

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Airlines brace for surge in oil prices and Forex after Iran crisis

A Korean Air Lines Boeing 747-800 charter flight departs for Seoul, South Korea. File. Photo by ERIK S. LESSER / EPA

March 4 (Asia Today) — South Korea’s aviation industry is on alert as rising oil prices and a weakening Korean won threaten airline profitability following the recent escalation in Middle East tensions.

The surge in global crude prices and the won-dollar exchange rate comes after the United States and Israel launched airstrikes on Iran, raising fears of prolonged instability in the region.

According to the Korea Exchange on Tuesday, shares of Korean Air fell 7.94% to 23,200 won (about $16.10). The stock has dropped about 17% compared with its Feb. 27 closing price of 28,100 won (about $19.40), just before the strikes on Iran, reflecting investor concerns about rising operating costs.

Fuel expenses account for roughly 30% of airline operating costs, making the industry particularly vulnerable to oil price fluctuations. Korean Air estimates that a $1 change in oil prices per barrel can affect its operating profit by about $30.5 million.

Brent crude futures on the ICE Futures Exchange closed at $81.40 per barrel on Tuesday, up $3.66, or 4.71%, from the previous session. West Texas Intermediate crude rose $3.33, or 4.67%, to close at $74.56 per barrel on the New York Mercantile Exchange.

Oil prices have climbed for three consecutive trading days after tensions surrounding Iran intensified and shipping through the Strait of Hormuz – a key route for about 20% of global seaborne oil shipments – was disrupted.

Korean Air said it plans to protect profitability through hedging strategies. The airline uses fuel price option contracts under internal risk management policies, primarily employing a “zero-cost collar” hedging structure that sets upper and lower price limits for fuel purchases.

Under this system, the airline can buy jet fuel at a predetermined price even if oil prices rise, while it must purchase fuel at the agreed level if prices fall below a certain threshold.

Korean Air said it hedges up to 50% of its projected annual fuel consumption.

“Ongoing assessments of oil price risks are conducted regularly, and we apply appropriate hedging products depending on market conditions and price levels,” a Korean Air official said.

Industry analysts warn, however, that prolonged tensions in the Middle East could place additional pressure on airlines through a weaker Korean currency.

The won briefly surpassed the psychologically significant level of 1,500 per U.S. dollar early Tuesday. A weaker won typically increases overseas operating costs for airlines and can also dampen travel demand.

Low-cost carriers are expected to face greater difficulties. Jeju Air, Jin Air and T’way Air – South Korea’s major budget airlines – all reported operating losses last year amid the strong dollar and have been striving to return to profitability.

Recent signs of exchange rate stabilization had raised hopes for improved performance this year, but the Iran crisis has revived concerns across the industry.

A T’way Air official said the company is preparing contingency plans.

“When the won-dollar exchange rate rises, we respond by covering overseas operating costs with foreign currency revenues generated locally,” the official said. “We are reviewing additional measures depending on changes in the international situation.”

If you want, I can also create a short 60-90 second YouTube news script version of this story, which would fit well with your weekly global news roundup format.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260304010001116

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Iran conflict: Global oil, gas prices surge on supply disruption fears

A tanker anchored in the Persian Gulf off coast of Dubai, one of scores halted on either side of Strait of Hormuz after it was effectively closed due to threats against shipping made by the regime in Tehran that have sent global energy prices soaring. Photo by Stringer/EPA

March 3 (UPI) — The price of Brent crude oil rose to $80 a barrel and the price of natural gas jumped 30% to $1.97 per therm on Tuesday after Iran effectively shut the key Strait of Hormuz shipping lane, with an official threatening its forces would “set fire to anyone who tries to pass.”

Prices continued their upward trajectory from Monday when markets reopened following the military strikes over the weekend on Iran by the United States and Israel and Tehran’s strikes on its oil and gas producing neighbors across the Gulf.

Concerns over supply disruptions are growing as the conflict widens across the region with Iranian strikes going beyond military bases used to launch attacks on Iran to target oil and gas production facilities, as well as Amazon data centers in the United Arab Emirates and Bahrain.

On Monday, Qatar Energy, one of the world’s largest exporters of liquefied natural gas, shut down production following “military attacks” on its Ras Laffan plant and Saudi Arabia’s state-run Aramco shuttered its giant Ras Tanura refinery near the port city of Dammam after it was set ablaze in a drone strike.

Analysts warned the oil price could surpass $100 a barrel if the disruption continued for very long — translating to a 25-cent-a-gallon rise in U.S. petrol prices.

The risk to maritime traffic was also pushing up the cost of moving oil from the Gulf to Europe and Asia and around the world with the leasing cost of a tanker to ship Middle East to China doubling to $400,000 a day on Monday.

The president of logistics technology platform Flexport, Sanne Manders, told the BBC that while Iran had not physically blockaded the strait, through which 20% of the world’s oil and gas transits, it was closed as far as global shipping was concerned.

Manders said it was partly that shipping lines were simply unwilling to expose their vessels, cargo and crews to potential jeopardy and partly insurance companies “not being willing to insure this risk anymore.”

He warned that expectation of higher fuel costs would feed through to movement of all goods by sea with carriers hiking rates “for any shipping in the world.”

That all fed into investor fears over the consequences for inflation and interest rates, sending global stock markets tumbling overnight, led by Japan’s Nikkei 225 Index, which ended Tuesday down more than 3%.

In mid-morning trade London’s FTSE 100 was down 2.8 %, Germany’s blue-chip DAX was trading 4% lower, down more than a thousand points, and the CAC 40 in Paris was off by 3.2%.

The pan-European Stoxx 600 Index continued its retreat, with across-the-board falls in all sectors pulling it 2.9% lower, while the blue-chip Euro Stoxx 50 was even lower, down 3.1%.

However, hotels, airlines and utilities took the biggest hits while energy firms and defense contractors performed better.

Ahead of the opening of U.S. markets, S&P 500 futures fell by 1.8%, Nasdaq 100 futures were down 2.3% and Dow Jones Industrial Average-linked futures moved lower by around 1.7%, or 821 points.

Defense and energy stocks rose on Monday led by Northrop Grumman, up 6%, and Palantir, up 5.8%, which together with a surge in NVIDIA’s share price, helped the overall market erase big losses early on to end the day in the black.

U.S. President Donald Trump was due to discuss the economic and cost-of-living impacts with Treasury Secretary Scott Bessent and Energy Secretary Chris Wright on Tuesday while Secretary of State Marco Rubio trailed administration plans to cope with energy price spikes.

“We knew that going in would be a factor. Starting tomorrow you will see us rolling out those phases to try to mitigate against that,” said Rubio.

Former South African president Nelson Mandela speaks to reporters outside of the White House in Washington on October 21, 1999. Mandela was famously released from prison in South Africa on February 11, 1990. Photo by Joel Rennich/UPI | License Photo

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