South Korean President Lee Jae-myung has called for a series of precautionary economic and energy measures as tensions escalate in the Middle East following recent military attacks on Iran by the United States and Israel.
According to a report by Yonhap News Agency, President Lee made the remarks during an inter-ministerial meeting where the regional developments and their potential economic consequences were assessed. He emphasized that the ongoing crisis could create serious uncertainty in both regional and global economic environments.
Lee stated that South Korea’s economy, which heavily depends on energy imports and international trade—particularly from the Middle East—could face significant pressure if the conflict intensifies. Stressing the unpredictability of the situation, he urged government institutions to prepare preventive measures by considering even the worst-case scenarios.
The South Korean leader also warned government agencies and the Bank of Korea to remain prepared to respond to possible instability in the foreign exchange market. If necessary, he instructed authorities to expand the country’s market stabilization program currently valued at approximately 100 trillion won (around 67 billion dollars).
Addressing energy security concerns, Lee called for immediate cooperation with strategic partner countries to explore alternative transportation routes that would allow energy shipments to reach South Korea without passing through the critical maritime chokepoint of the Strait of Hormuz.
In addition, the president urged the government to take strict action against potential market manipulation in the domestic fuel sector. He called for strong measures against secret agreements between refineries and gas stations, price manipulation, and stockpiling practices. Lee also proposed introducing a price ceiling system for gasoline and diesel to prevent excessive increases in fuel costs.
The developments come after the United States and Israel launched military strikes against Iran on February 28 while negotiations between Tehran and Washington were still ongoing. Iran responded by targeting Israel and several regional locations hosting U.S. military bases, including sites in Qatar, United Arab Emirates, and Bahrain.
Reports also indicate that several senior officials, including Iran’s Supreme Leader Ali Khamenei, were killed in the attacks carried out by the United States and Israel. Iranian authorities stated that the strikes resulted in the deaths of 1,332 people.
Picture source: AA
