With the decreased likelihood of an early end to the U.S.-Iran war, South Korea must heighten its crisis response to prepare for the economic impacts of sustained high oil prices.
The article emphasizes the need for South Korea to increase its crisis management efforts in response to the rising oil prices driven by geopolitical tensions, particularly the ongoing U.S.-Iran conflict. Brent crude's price has surpassed $100 per barrel for three consecutive days, raising concerns that sustained high prices could significantly burden economic actors, leading to a downturn in the economy. As the worst-case scenarios become a reality, the government is urged to elevate its crisis response measures.
On the 17th, Brent crude traded at approximately $103 per barrel, reflecting a 3% increase from the previous day, while West Texas Intermediate rebounded to $97 after falling to $93. Despite the ongoing conflict entering its third week, the situation is worsening, prompting U.S. President Donald Trump to request a postponement of the U.S.-China summit. In light of this deteriorating scenario, South Korea must prepare strategies assuming the war will be prolonged. President Lee Jae-myung stated at a cabinet meeting that
