The Middle East conflict, triggered by U.S.-Israeli strikes on Iran, has intensified with Mojtaba Khamenei named as Iran's new supreme leader. Global oil prices have surged past $114 per barrel, pushing the South Korean won to a 17-year low against the U.S. dollar. The South Korean government is bolstering evacuation efforts and economic stabilization measures.
Following the death of Iran's Supreme Leader Ayatollah Ali Khamenei on February 28, 2026, the Assembly of Experts named his son, Mojtaba Khamenei, as the new leader on March 9. The 56-year-old cleric, closely tied to the Revolutionary Guard, is seen as holding even harder-line views than his father. Iran has continued missile and drone attacks on U.S. and Israeli bases, as well as Gulf Arab states, effectively closing the Strait of Hormuz. This has driven Brent crude oil prices above $114 per barrel.
In South Korea, the conflict's fallout saw the won-dollar exchange rate hit 1,495.5 as of 3:30 p.m. on March 9, the weakest level since March 12, 2009. The KOSPI index fell 5.96 percent to close at 5,251.87. President Lee Jae-myung directed authorities to swiftly introduce a fuel price cap to address surging gasoline costs and foreign exchange volatility.
The government is prioritizing the safety of its nationals in the region. Around 300 South Koreans departed Qatar on a special flight on March 9, arriving in Incheon early Tuesday. More than 200 had returned earlier from the United Arab Emirates, where about 1,400 short-term travelers remain. All 26 South Korean vessels anchored in the Persian Gulf, carrying 146 Korean crew members, have secured food and fuel for over a month via local suppliers. An additional 37 Koreans are on foreign vessels there, with no requests to disembark as of Sunday. The Ministry of Oceans and Fisheries is supporting safe evacuations and maintaining close communication with shipping companies.
The war has resulted in at least 1,230 deaths in Iran, 397 in Lebanon, and 11 in Israel, according to officials. The U.S. has ordered nonessential personnel to leave Saudi Arabia and eight other missions in the region. Iran's Revolutionary Guard expressed support for the new leader, as did the Iran-backed Hezbollah group.
