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Golden Ten Data, March 9 – As the ongoing Middle East conflict continues to drive up global oil prices, the South Korean government has taken emergency action. South Korean President Lee Jae-myung called for the "swift introduction and bold implementation of a maximum oil price system" at an emergency economic meeting on Monday to curb excessive price increases. Lee made these remarks as international oil prices approached $120 per barrel, reaching their highest level since 2022. Production cuts by Middle Eastern oil-producing countries, the ongoing blockade of the Strait of Hormuz, and the escalation of the conflict threatened by the United States have all contributed to sustained pressure on the energy market. South Korea relies almost entirely on imports for its energy needs, with about 70% of its oil transported through the Strait of Hormuz. The proposed oil price cap mechanism would be the first time in nearly 30 years that South Korea has employed such a measure, aiming to mitigate the impact of geopolitical turmoil on the domestic energy supply chain.

According to Odaily, the monthly active users of the DeFi lending protocol Aave reached approximately 155,000 in February, setting a new all-time high and representing about a 100% increase over the past six months. Analysts pointed out that as the basis trading yield dropped from 10%-30% to below 4%, low-risk yield strategies have decreased, prompting investors to turn to DeFi lending. Currently, Aave's total value locked across 20 blockchains is close to $27 billion. In addition, the governance group Aave Chan Initiative announced last week that it would cease operations due to transparency disputes with Aave Labs.

1. On Monday, Asian airline stocks suffered heavy losses, with Qantas, Air New Zealand, Cathay Pacific, Japan Airlines, and Korean Air shares generally falling between 4% and over 10%. India's IndiGo and SpiceJet dropped by 7.5% and 5.6%, respectively. Oil prices surged by 20% to a three-year high, causing a sharp increase in fuel cost pressures, while the closure of Middle Eastern airspace led to widespread flight cancellations and rerouting. 2. Since the outbreak of war on February 28, more than 37,000 flights to and from the Middle East have been canceled. Passengers are scrambling to flee the war zone, but charter flights, private jets, and commercial flights are struggling to evacuate tens of thousands of people. Several Middle Eastern routes, including Turkish Airlines, have been suspended until March 13. The United States has evacuated thousands of citizens via more than a dozen charter flights. 3. The head of the Association of Asia Pacific Airlines warned that aviation fuel price increases are usually several times that of crude oil, significantly raising operating costs. At the same time, airspace closures are extending flight times and depleting crew resources. Although some airlines have hedged risks through hedging strategies, the current supply chain tensions and political uncertainty have further worsened the operating environment. 4. Indian airlines have increased direct flights to Europe and North America to meet the demand caused by airspace closures. Pilots report that ongoing conflicts from Ukraine to Afghanistan and Israel are continuously shrinking available airspace, military drones are frequently appearing, and mental stress and operational risks are on the rise.