International Oil Prices Surge on News of Iran Sanctions Extension

International oil prices have surged sharply following news of the extension of sanctions against Iran. On the 29th (local time), BBC World reported that crude oil prices had risen above $118. This spike is analyzed to be due to market anxiety over the uncertainty of the Middle East conflict. The continuation of the sanctions on Iran is adding further pressure to an already unstable global energy market, and it is expected to impact the world economy as well. Particularly, energy-importing countries, including South Korea, are likely anticipated to seek countermeasures to mitigate the economic burden from the rise in oil prices.