South Korean President Yoon Suk Yeol held an emergency cabinet meeting on Tuesday (Apr. 16), stressing that the country should have a preemptive response to any risk factors arising from tensions in the Middle East following Iran's massive attack against Israel due to the country's energy dependence on the region.
Tensions in the Middle East directly impact international oil prices, which, in turn, has a significant impact on South Korea's economy and supply chain, Yoon said at the start of a cabinet meeting.
"There should be a preemptive response to various risk factors that can arise," he said without elaborating.
Yoon added that the Strait of Hormuz is the transport corridor for 60% of the oil imported by South Korea, saying that the "large increase in transport costs and oil price increases will directly lead to increases in prices" for South Koreans.
The Yonhap news agency added that the cabinet agreed to closely monitor the impact of geopolitical instability in the Middle East and to quickly respond to its effect on the economy, including supply chains.
