Seoul: South Korea's finance ministry stated Wednesday that a two-week ceasefire between the United States and Iran might help alleviate global oil supply issues, though uncertainties persist. The evaluation took place during a meeting between Moon Ji-sung, deputy minister for international economic affairs, and representatives from oil-importing companies, the Export-Import Bank of Korea, and the Korea National Oil Corp. to discuss financial support for oil imports.

According to Yonhap News Agency, U.S. President Donald Trump announced he had agreed to a two-week suspension of strikes on Iran, contingent upon Iran's acceptance of the "complete" and "immediate" reopening of the Strait of Hormuz. This pivotal Middle Eastern shipping lane has been effectively blocked since U.S.-Israeli strikes on Iran in late February, causing disruptions in oil supplies and leading to an increase in 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 stated. He emphasized the government's commitment to collaborating with relevant agencies to monitor oil supply and financial support conditions, ensuring that necessary support is provided promptly.