In response to the escalating crisis in the Middle East, President Yoon of South Korea held an emergency economic meeting on September 9, emphasizing the need for preemptive measures to stabilize the impact on the South Korean economy, which heavily relies on global trade and Middle Eastern energy imports. Yoon highlighted the necessity of a maximum price system for oil products as well as a substantial market stabilization program to alleviate financial volatility, directing the government and the Bank of Korea to prepare additional measures if necessary.

President Yoon expressed concerns about the extreme volatility in financial and foreign exchange markets, which he deemed essential to address promptly. He underscored the critical importance of energy supply and security, proposing to swiftly identify alternative supply routes that do not rely on the Strait of Hormuz to ensure a steady energy supply amidst the crisis. Yoon iterated the urgency of implementing effective measures to control rising energy prices, which disproportionately affect low-income households, insisting on thoughtful and effective solutions.

The President also cautioned against opportunistic behavior by certain groups looking to exploit the challenging market conditions for undue profit. He stressed the need for strict enforcement against illegal practices such as price collusion among oil companies and hoarding. Yoon remarked that this crisis presents an opportunity for broader reforms within the capital market to ensure transparency and fairness. He concluded by emphasizing the collective nature of the challenges faced and the importance of a united response to navigate the crisis effectively.