In response to the escalating conflict in the Middle East, South Korea on Wednesday announced the formation of two emergency economic teams to safeguard its economy and citizens' livelihoods, Yonhap News reported.
Prime Minister Kim Min-seok said the government will establish an emergency economic situation room at the Presidential Office, alongside an emergency economic headquarters operating directly under his office.
The move comes as tensions involving the United States, Israel, and Iran continue to ripple across global markets.
Speaking at a briefing, Kim warned that the crisis could be prolonged and stressed the need for proactive planning.
"It is time now to step up the government's preemptive response system," he said, highlighting preparations for worst-case scenarios.
The initiative follows instructions from President Lee Jae Myung to activate an emergency framework capable of addressing economic shocks and protecting everyday livelihoods.
A separate high-level emergency economic meeting, led by the president, will act as the central "control tower" for decision-making.
South Korea faces particular vulnerability due to its heavy reliance on energy imports passing through the Strait of Hormuz.
To manage potential shortages, the government has already introduced conservation measures. These include a five-day rotation system for public sector vehicles based on license plates, along with public recommendations to reduce water and electricity usage, such as taking shorter showers and charging electronic devices during daytime hours.
The regional escalation in the Middle East has continued since the US and Israel launched a joint offensive against Iran on Feb. 28, so far killing more than 1,340 people, including then-Supreme Leader Ali Khamenei.
Iran has retaliated with repeated drone and missile strikes targeting Israel and Gulf countries hosting US military assets.
The Strait of Hormuz has also been effectively throttled since early March. Around 20 million barrels of oil normally pass through it daily, and its disruption has driven up shipping costs and pushed global oil prices higher.
