South Korea’s acting President Choi Sang-mok has ordered an emergency safety inspection of the airline operation system after a deadly crash at Muan International Airport. The crash resulted in 179 fatalities, with the pilot declaring mayday following a bird strike alert. Jeju Air has pledged support for the victims’ families and is awaiting the official investigation into the cause of the accident, as the country faces political turmoil with Choi being the second acting president in a month.
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Impact of Iran-Israel conflict on oil could last for years
The oil market remains cautious amid the ongoing Israel-Iran conflict, with minimal supply disruptions and Brent crude prices only rising about $10. However, potential medium-term risks include political upheaval in Iran that could severely impact oil production, coinciding with reduced spare capacity in Opec+ and stagnating US output, potentially leading to higher prices in the future. Need More Context? 🔎
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