00:00Meanwhile, governments are scrambling to limit the economic impact of a spike in oil prices.
00:05Among them, G7 finance ministers are expected to discuss a possible joint release of emergency oil reserves on Monday.
00:13In South Korea, which imports about 70% of its oil from the Middle East,
00:18President Lee Jae-myung says Seoul will cap fuel prices for the first time in nearly three decades.
00:24He has also warned the public against panic buying.
00:27Vietnam is considering a plan to scrap tariffs on fuel imports,
00:32cutting rates to zero on some petroleum products until the end of April.
00:36Its finance ministry said the move is aimed at stabilizing the domestic market and protecting energy security.
00:44Meanwhile, US President Donald Trump has said the surge in oil prices is a small price to pay for destroying
00:50Iran's nuclear threat,
00:52predicting prices will drop quickly once the threat is removed.
00:57T
01:02You
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