As the tensions escalate with the US and Israel's military actions against Iran, the South Korean government is taking steps to mitigate the economic impacts on energy supplies and local industries. Minister of Industry Kim Jeong-gwan chaired an emergency situation assessment meeting that included officials from relevant ministries and agencies, focusing on the supply of oil and gas as well as other industries related to trade and commerce. Key representations from organizations such as the Korea National Oil Corporation and Korea Electric Power Corporation were also present to discuss the situation thoroughly.

The Ministry of Industry reported that, as of now, there have been no unusual reports concerning the operations of oil tankers and LNG carriers; however, some vessels are expected to pass through the Strait of Hormuz, thus requiring careful management of alternate routes. The ministry anticipates that the impact on international oil prices may vary significantly depending on how prolonged the conflict becomes, highlighting the need for vigilance in monitoring price trends and regional geopolitical developments.

Currently, the South Korean government and relevant industries have indicated that they possess sufficient oil reserves and natural gas inventory surpassing mandatory stockpiling levels, which ensures a considerable response capacity in case of a supply crisis. To preemptively address potential worsening scenarios, the Ministry plans to release strategic oil reserves if necessary, while maintaining oversight through continuous monitoring and assessments. Minister Kim urged officials to keep a close watch on domestic price trends and shipping operations amidst the ongoing situation in the Middle East, ensuring that necessary emergency protocols are in place to address any crisis swiftly.