Seoul: Prime Minister Kim Min-seok assured the nation Tuesday that the government is fully prepared for any eventualities amid the widening conflict in the Middle East. Speaking at a meeting with relevant ministers, Kim noted the conflict started by U.S.-Israeli airstrikes on Iran on Saturday has spread across the region, while the Strait of Hormuz has been "effectively blocked."

According to Yonhap News Agency, the global economy is showing "mixed trends," while the local stock market plummeted Tuesday. "The foundations of our economy are solid and the government is fully prepared," Kim said during the third meeting of its kind since Sunday. He urged people to calmly maintain their everyday lives, assuring that the government is capable of overcoming all related situations.

Kim instructed the foreign and defense ministries to focus on the safety of nationals and troops dispatched overseas, while providing consular assistance to South Korean visitors to the region and preparing emergency transport measures if needed. He ordered all economy-related ministries and agencies to strengthen monitoring of financial markets, take necessary stabilization measures, and prepare ways to support South Korean companies affected by the crisis. In instructions to the industry and oceans ministries, he called for thoroughly checking the status of oil shipments and reserves as well as the safety of South Korean vessels and crew members.

Emphasizing the importance of accurate information, Kim warned of legal and other measures against those spreading misinformation to exploit fear. He also urged the press to refrain from reporting unverified information. "The government is closely monitoring developments as they happen and preparing contingency plans with all possible scenarios in mind, including the impact on the economy," Kim said. He asked the people once again to trust the government's response and maintain their peaceful everyday lives as usual.