International Oil Prices Surge Then Stabilize
"Domestic Impact Remains Limited"
Minister Ahn Deok-geun of the Ministry of Trade, Industry and Energy is presiding over an "Emergency Situation Review Meeting on the Middle East Crisis" at 4 p.m. on the 19th in his office at the Government Seoul Office Building, with key officials from the ministry, including Jung In-gyo, Director-General for Trade Negotiations, and Kang Kyung-sung, First Vice Minister, in attendance.
As tensions in the Middle East escalate due to Israel's attack on Iran, the government explained that the impact on the domestic industry remains limited.
The Ministry of Trade, Industry and Energy announced that Minister An Deok-geun held an emergency situation review meeting on the 19th at 4 p.m. with key ministry officials to assess the potential impact on the domestic economy, focusing on energy supply and prices such as oil and gas, exports and imports, and supply chains.
The meeting was urgently convened following reports by major foreign media of unexplained explosions in Isfahan, central Iran, and the possibility of an Israeli attack.
According to the ministry, international oil prices rose by up to 4.2% during the day to $90.73 per barrel (Brent crude) compared to the previous closing price of $87.11, but stabilized somewhat to $88.11 as of 4 p.m. The ministry stated, "The impact on our industry in terms of oil and gas supply, exports and imports, and supply chains is still assessed to be limited."
Minister An said, "As the uncertainty surrounding the Middle East situation increases, it is necessary to closely monitor the external conditions affecting our economy," and instructed, "We will strengthen monitoring of energy supply and prices, industrial supply chains, exports and imports, and prepare thoroughly to prevent external uncertainties from spreading to the domestic economy."
The ministry plans to hold an "Emergency Response Review Meeting" at 2 p.m. on the 20th, chaired by Second Vice Minister Choi Nam-ho, with participation from the ministry, related agencies, and local trade offices to review the situation and related developments in the Middle East. The ministry established a comprehensive situation room (led by the Second Vice Minister) on the 13th following Iran's airstrike on Israel.
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