Middle East Crisis
South Korea ramps up evacuations, market stabilization amid escalating Middle East crisis
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As Middle East tensions worsen after U.S. and Israeli strikes on Iran—with no Korean casualties reported—South Korea is prioritizing evacuations for 21,000 nationals in the region, stabilizing plunging markets, and securing oil amid Strait of Hormuz closure fears. This follows initial assurances of stable energy supplies.
The South Korean government is reviewing measures to curb gasoline price surges triggered by escalating Middle East tensions. President Lee Jae Myung criticized unfair price hikes during a Cabinet meeting and directed the consideration of a price ceiling. The Ministry of Trade, Industry and Resources issued a Level 1 alert to prepare for potential energy supply disruptions.
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Amid U.S. and Israeli strikes on Iran that killed Supreme Leader Ayatollah Ali Khamenei, the Korean government stated that oil and gas supplies remain stable for now. Emergency meetings confirmed reserves of several months' worth of oil and gas exceeding mandatory levels. However, preparations are underway for potential risks from the Strait of Hormuz closure, including alternative routes and support measures.