S. Korea explores Arctic route to Europe

Oil prices rose to around $93 per barrel, their highest level in 21 days, amid concerns over inflation and geopolitical tensions. In other news, China reaffirmed its demand that the United States remove the tariffs imposed on drones, while South Korea is testing the Northern Sea Route to facilitate shipping to Europe. The dollar also reached its lowest level in three months, as U.S. Treasury moves aimed to calm the bond market. Taiwan's defense spending surpassed $35 billion for the first time, and Iran has imposed an additional bill of €19 billion on European households due to economic pressures resulting from the war.

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