Seoul: The government announced on Tuesday its initiative to secure oil supplies from regions outside the Middle East in response to potential threats of the Strait of Hormuz closure, prompted by ongoing U.S. and Israeli actions against Iran. The Ministry of Economy and Finance assured that South Korea currently possesses sufficient oil reserves to handle an extended crisis.

According to Yonhap News Agency, an emergency response meeting was convened by the Ministry of Economy and Finance alongside other related ministries to evaluate the conflict's impact on South Korea and devise strategic responses. The ministry confirmed no safety issues have emerged concerning Korean vessels operating in the Middle East and emphasized that the nation is equipped with adequate oil reserves in the event of a prolonged emergency.

In anticipation of a possible blockade of the Hormuz Strait, the world's most vital oil export passage, the government intends to secure additional oil supplies from regions outside the Middle East. South Korea is significantly dependent on energy routes through the strait, importing approximately 70.7 percent of its oil and 20.4 percent of its liquefied natural gas from the Middle East.

The ministry highlighted its commitment to continuous monitoring of both domestic and international energy and financial markets. It stands ready to deploy a market stabilization program, which includes at least 100 trillion won (US$68.4 billion) in support, should the situation necessitate such measures. The government also vowed to take firm action against unfair market practices, including the dissemination of fake news aimed at manipulating investor sentiment.