SEOUL (Reuters) – South Korean President Yoon Suk Yeol said on Tuesday there should be preemptive response to any risk factors arising from the tensions in the Middle East following Iran’s attack on Israel due to the country’s energy dependence on the region.
Tensions in the Middle East have a direct impact on international oil prices and that in turn has a significant impact on South Korea’s economy and supply chain, Yoon said at the start of a cabinet meeting.
“There should be a preemptive response to various risk factors that can arise,” he said, without elaborating.
Yoon said the Strait of Hormuz is the transport corridor for 60% of the oil imported by South Korea.
“The large increase in transport costs and oil price increases will directly lead to increases in prices for us,” he said.
(Reporting by Jack Kim; Editing by Ed Davies)
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