Iran has initiated strikes targeting energy infrastructure in neighboring countries as part of its retaliation against the U.S. and Israel, further complicating the global energy supply chain. This development has heightened the uncertainty regarding energy supplies, particularly for countries like South Korea, which depends heavily on the Middle East for oil and liquefied natural gas (LNG) imports. South Korea's economy, which relies on 70.7% of its crude oil imports and 20.4% of its LNG supplies from the region, is potentially at risk due to these escalating tensions. The government is keeping a close eye on the situation and strategizing responses to mitigate the impact on the nation's energy security.

On February 2, Iran conducted drone attacks on Saudi Arabian oil facilities, including the largest refinery at Ras Tanura, resulting in shutdowns and a loss of approximately 1.1 million barrels per day (B/D) of oil production. These aggressive actions, which also include bombardments on Gulf countries, are expected to cause significant delays in oil shipments destined for Asia and Europe. Industry experts warn that even if the blockade of the Strait of Hormuz is lifted, the damaged refineries may take a considerable amount of time to repair, which will continue to contribute to volatility in the oil supply chain.

The government of South Korea is currently assessing the immediate economic impacts, indicating that while short-term effects may be manageable, preparations are in order for any possible long-term disruptions. A joint meeting led by Deputy Minister Kang Ki-ryong was convened to examine supply chain issues related to the Middle East, focusing on critical economic and security items. As uncertainties loom, the government plans to develop measures to guarantee sufficient supply, including initiatives to shift export volumes to the domestic market if necessary.