SEOUL – Rising tensions in the Middle East following Iran’s missile and drone strikes against Israel prompted an emergency meeting in South Korea on Sunday to assess the potential economic and security fallout.
President Yoon Suk Yeol convened senior officials at the Presidential Office in Yongsan to discuss the escalating crisis and its ramifications for the nation. With the global economy already facing headwinds, the flare-up has exacerbated uncertainty and stoked fears of supply chain disruptions and energy market volatility.
“We must closely monitor the impact on international oil prices, exchange rates, and supply chains,” Yoon instructed during the high-stakes gathering. “Rapid response plans should be readied to mitigate effects on our economy.”
The president also called for thorough safety precautions to protect South Korean citizens, travelers, and vessels in the turbulent region. The Ministry of Foreign Affairs condemned Iran’s strikes while urging restraint from all parties “to prevent further escalation.”
Earlier on Sunday, Finance Minister Choi Sang-mok chaired an emergency session with senior officials focused squarely on economic repercussions. Choi announced the formation of an inter-agency emergency task force to track financial markets and dust off contingency protocols.
At the central Bank of Korea, a senior official acknowledged the potential for “heightened foreign exchange volatility,” adding that stabilizing measures may be deployed if required. “We are keeping vigilant watch on exchange rate movements,” they stated.
The specter of a protracted Middle East conflict has jolted markets already grappling with the fallout of Russia’s invasion of Ukraine, persistent inflation, supply bottlenecks, and rising interest rates worldwide. Any disruption to oil supplies could further fan inflationary flames.
As a resource-poor nation heavily dependent on energy imports, South Korea has ample reasons to seek a rapid deescalation and return to stability. Seoul’s measured response underscores the delicate balance of safeguarding economic and security interests while avoiding being embroiled in spiraling regional hostilities.
