Nigeria, March 10 -- Amid rising global oil prices triggered by the ongoing US and Israel conflict with Iran, governments in South Korea and Hungary are moving to cap gasoline and diesel prices to protect consumers from the sharp increase in fuel costs.

The surge in crude oil prices has been linked to disruptions along key global supply routes, particularly the Strait of Hormuz, a vital shipping channel through which a significant share of the world's oil supply passes.

On Monday, South Korean President Lee Myung said the government would cap domestic fuel prices for the first time in nearly 30 years to contain the recent spike triggered by tensions in the Middle East, Reuters reported. Speaking at an emergency meeting on the economic i...