South Korean President Yoon Suk-yeol said today that a pre-emptive response should be of all the risk factors arising as a result of tensions in the Middle East after Iran's attack on Israel, due to South Korea's energy dependence on this region, Reuters reported, quoted by BTA.
Tensions in the Middle East directly affect international oil prices, which in turn has a significant impact on South Korea's economy and supply chain, the president said at the start of a cabinet meeting.
"It is necessary to respond preventively to the various risk factors that may arise," he noted, without elaborating.
Yun stressed that the Strait of Hormuz is the transportation corridor through which 60% of the oil imported from South Korea passes. "The significant increase in transportation costs and the increase in the price of oil will directly lead to higher prices for us," he said.