The South Korean government is considering implementing export control measures on naphtha this week due to supply disruptions caused by Iran's blockade actions in the Strait of Hormuz. This information was provided by Mr. Yang Ki-wook, Head of the Industrial Resource Safety Department under the Ministry of Trade, Industry and Energy of South Korea, during a press conference at the Sejong Government Complex on the 24th. He stated that the Ministry of Industry is coordinating with relevant agencies to implement this plan.

Naphtha is a crucial raw material for the petrochemical industry, with South Korea relying 55% on domestic refineries and the rest being imported. This move could impact global commodity prices and industrial supply chains.

In related developments, Israeli officials reported that Iran launched a missile towards Tel Aviv this morning. The missile is described as possibly being a new medium-range ballistic missile or cluster missile, carrying 3-4 bombs weighing about 100 kg each, scattered in central Israel. This event has raised concerns about escalating geopolitical tensions in the Middle East, which could affect energy markets and risk assets.