On June 6, Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol called for a proactive response to uncertainties stemming from the Middle East, particularly in light of rising oil prices, during a meeting at the Government Sejong Building. He emphasized the importance of continuously monitoring financial markets and the real economy in relation to recent developments in the Middle East, especially following U.S. and Israeli airstrikes in Iran, which have led to increased volatility in stock markets, exchange rates, and oil prices.

Koo highlighted the need to manage external shocks effectively to prevent rising oil prices from transferring the burden onto the public. This response comes in the wake of escalating concerns regarding the impact of geopolitical tensions on economic stability within South Korea. The government is aiming to control oil prices by encouraging restrained price increases through industry meetings and by conducting special inspections to eliminate illegal oil distribution practices.

In a related meeting led by 1st Vice Minister Lee Hyung-il on price control, the South Korean government reiterated its commitment to managing oil prices. The measures include conducting surveys on oil pricing and designating maximum selling prices, all while working to stabilize the market in response to the recent fluctuations. The overall objective is to ensure that economic pressures do not unduly affect the livelihood of citizens amidst these external uncertainties.