Overview
- The Cabinet said Tuesday it will cut the resource security crisis warning for crude oil to Level 2 and fully lift the natural gas alert, with the adjustment taking effect Wednesday.
- President Lee Jae Myung told ministers Tuesday that all but two South Korean-operated vessels stranded in the Strait of Hormuz have returned home, with the two remaining ships unable to leave for specific operational reasons.
- The industry ministry plans a phased rollback of emergency steps, including ending crude swaps with refiners and dropping extra shipping subsidies, while keeping anti-hoarding rules for petrochemical feedstocks in place.
- The Ministry of Land, Infrastructure and Transport on Monday added Dongtan Ward (Hwaseong), Giheung Ward (Yongin) and Guri to speculative zones so those areas face tighter mortgage and lending controls to cool sharp local price rises.
- Economic data for May showed industrial production fell 0.3 percent mainly because chip output was scaled back for base effects and volume adjustments, while retail sales posted a small rebound; the early World Cup exit also produced public anger and the coach's resignation, creating short-term political pressure.