Photo : YONHAP News
The government says the situation in the Middle East is having a limited impact on the South Korean economy.
Second vice industry minister Choi Nam-ho held a meeting Friday to assess the impact of escalating tensions in the Middle East on oil and gas prices, supply chains, exports and imports.
Oil prices are soaring as conflicts and tensions intensified in the Middle East after Iran fired about 200 ballistic missiles at targets in Israel earlier this week.
The industry ministry said Israel’s response, and the response of major countries, will determine whether global oil prices rise further.
The government said there will be no disruptions to oil and gas shipments because the government has already secured routes other than the Red Sea adjacent to Israel, adding that the impact of the Middle East situation on the supply chain is also limited.
The ministry plans to launch an emergency monitoring system to keep a close watch on the situation in the Middle East.