South Korea Yoon orders preemptive response to Middle East tensions
"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.
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.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- South Korea
- South Korea's
- Yoon Suk Yeol
- Yoon
- South Korean
- Israel
- Middle East
- Iran
ALSO READ
South Koreans still seek answers 10 years after Sewol ferry disaster
South Korea Yoon orders preemptive response to Middle East tensions
Japan PM Kishida says he agreed with S.Korea's President Yoon to deepen ties
South Korean court hears children's climate change case against government
South Korean police raid incoming head of doctors' group's office after prolonged strikes