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.
Tensions escalated further after Iran's retaliatory strikes and Strait of Hormuz closure, with Israeli responses in Lebanon widening the conflict. Building on earlier government assessments of stable oil and gas reserves (see prior coverage), Prime Minister Kim Min-seok's Cabinet meeting emphasized protecting nationals as the top priority.
The Foreign Ministry reports 59 Koreans in Iran, 616 in Israel (excluding embassy staff), and about 21,000 across 13 Middle Eastern countries, including 4,000 short-term visitors in the UAE. Airspace closures in multiple countries prompted urgings for commercial evacuations, embassy assistance, Defense Ministry transport aircraft on standby, and a 24-hour National Intelligence Service emergency team.
Markets reacted sharply: KOSPI fell 7.24% to 5,791.91, the won weakened to 1,466.1 against the dollar. With 70.7% of oil and 20.4% of LNG from the region, the government is sourcing alternatives and preparing a 100 trillion won ($68.4 billion) stabilization fund. Around 40 Korean vessels near the strait were redirected. Citibank projects a 0.45-point GDP growth cut if oil exceeds $82/barrel.
Samsung Electronics and others evacuated staff from high-risk areas to safer neighbors and mandated remote work in UAE, Iraq, and Qatar. Round-the-clock market monitoring continues.
