As the United States and Israel launch a large-scale military operation against Iran, stoking fears of a full-scale war in the Middle East, economic authorities are convening an emergency meeting to assess the ripple effects.
According to the Ministry of Economy and Finance on the 28th, Koo Yun-cheol, Deputy Prime Minister and Minister of the Ministry of Economy and Finance, will preside over the "joint situation assessment meeting on Iran" at 12 p.m. on Mar. 1.
Deputy Prime Minister Koo said they are closely monitoring the situation related to Iran and plan to respond proactively in coordination with relevant agencies. He also instructed each department of the Ministry of Economy and Finance (MOEF) to maintain a tight response posture. Relevant ministries plan to assess in the meeting the uncertainties this situation could have on Korea's real economy and financial markets.
The Ministry of Trade, Industry and Energy also launched an emergency assessment the same day. Minister Kim Jung-kwan of the Ministry of Trade and Industry (MOTI) presided over the "first emergency situation assessment meeting" at 7 p.m. on the 28th with oil and gas, industry and trade-related departments and relevant agencies attending, and reviewed resource supply such as oil and gas and the impact on domestic industries.
The emergency assessment found no irregularities so far in the operation of oil tankers and liquefied natural gas (LNG) carriers. However, with some tankers scheduled to pass through the Strait of Hormuz, the Ministry of Trade and Industry (MOTI) believes meticulous management is needed, including securing alternative routes. The impact on international oil and gas prices is expected to vary depending on how the situation on the ground unfolds.
The government and industry have secured gas inventories exceeding several months of stock and the mandatory reserve level, leaving ample capacity to respond to supply and demand risks, the Ministry of Trade and Industry (MOTI) said. If supply disruptions from the Middle East do occur, industry will seek to procure additional volumes from regions outside the Middle East, and the ministry will decide whether to release strategic reserves after holding its own situation assessment meeting if conditions worsen.
The Minister asked for close monitoring of domestic price trends, the Middle East situation, and the operating status of oil tankers and LNG carriers. In particular, the minister requested that the Korea National Oil Corporation pre-check measures under the emergency manual, including bringing in overseas production volumes and reviewing the posture for releasing strategic reserves. The Ministry of Trade and Industry (MOTI) also activated an emergency task force led by Director General Yang Ki-uk, head of the Office of Industrial Resource Security, with related departments and relevant agencies participating, to conduct daily assessments as the situation develops.
U.S. President Donald Trump on this day officially announced in a Truth Social video address that U.S. forces, in coordination with Israel, had launched a large-scale military operation against Iran. The U.S. Department of Defense said the operation is named "Epic Fury." Iran also retaliated by firing missiles aimed at Israel.