S. Korean President Calls for Contingency Plans Amid Mideast Tensions

(MENAFN) South Korean authorities are moving to secure alternative energy supplies and brace for potential economic strain as tensions in the Middle East continue to escalate, according to reports.

During a Cabinet session held in Sejong on Tuesday, President Lee Jae Myung stressed the importance of readiness for severe economic consequences should the regional conflict drag on.

He highlighted concerns over disruptions to the Strait of Hormuz, a critical corridor for global oil shipments, as ongoing hostilities involving the United States and Israel in Iran enter their third week.

"Measures must account for the possibility of a prolonged crisis," Lee said, calling for intensified diplomatic efforts to secure crude oil and alternative energy sources.

The president also floated possible emergency responses, such as imposing export restrictions and boosting output from nuclear power facilities, in an effort to safeguard the country’s energy supply.

According to reports, South Korea has already taken steps to stabilize the situation by introducing a cap on fuel prices and securing approximately 6 million barrels of crude oil from the United Arab Emirates.

While noting that fuel costs have shown signs of stabilizing, Lee cautioned that any further escalation could disrupt price stability and negatively impact livelihoods.

He additionally emphasized the need for a supplementary budget aimed at assisting vulnerable populations, exporters, and regions outside the capital, urging lawmakers to expedite its review.

The heightened tensions trace back to a large-scale offensive launched by the United States and Israel against Iran on Feb. 28, which has resulted in over 1,300 deaths, including that of Iran’s Supreme Leader Ayatollah Ali Khamenei, as stated by reports.

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