Seoul: South Korea will activate a joint emergency response team involving related government agencies to closely monitor financial market conditions, officials said Friday, following a preemptive strike by Israel on Iran that raised tensions across the Middle East. The decision was made during an emergency interagency meeting presided over by acting Finance Minister Lee Hyoung-il to assess the potential impact of the escalating conflict on both global and domestic markets.

According to Yonhap News Agency, the government is committed to stabilizing consumer prices and preparing swift countermeasures. Lee stated that a comprehensive policy response will be announced as soon as possible. Recently appointed as the first vice finance minister, Lee is currently serving as acting minister due to a ministerial vacancy. He instructed officials to strengthen monitoring and response systems.

Lee emphasized the high level of uncertainty surrounding the future course of the situation and the potential for further military escalation in the Middle East, stressing the need for readiness for all possible scenarios. Considering South Korea's heavy reliance on energy imports, Lee highlighted the importance of assessing potential impacts on energy supply and demand.

He urged vigilance concerning rising volatility in global energy prices and the necessity of ensuring uninterrupted energy supplies. The emergency response team aims to mitigate the risks associated with the geopolitical tensions and protect the nation's economic stability.