SEOUL – South Korean President Lee Jae Myung has voiced deep concern over the rapidly escalating tensions in the Middle East, calling the situation “very urgent” and warning of its ripple effects on global markets and everyday life.
Speaking to his senior advisors on Monday, President Lee urged every ministry and the presidential office to activate emergency response systems, noting that growing instability—especially from fears of Iranian retaliation after recent U.S. military action—has already shaken financial markets and sent oil prices soaring.
“As the situation grows more unpredictable, we must prepare for the worst to protect our economy and our people,” President Lee emphasized during the meeting.
His remarks come as stock markets across Asia slipped and oil briefly touched a five-month high, highlighting investor anxiety over potential disruptions to global oil supply. Much of the concern centers on the possibility of Iran targeting the Strait of Hormuz—a critical chokepoint for about 20% of the world’s crude oil shipments.
President Lee did not hold back on the domestic impact either, pointing out how surging oil prices could lead to higher inflation, making life harder for ordinary citizens. “People are already struggling. We cannot allow a global conflict to push them further into hardship,” he said.
South Korea, the world’s fourth-largest Asian economy, relies heavily on Middle Eastern oil, which made up 72% of its total crude imports in 2023. Recognizing this vulnerability, the government is now considering adding new measures to a proposed supplementary budget to cushion the impact if needed.
In light of the unfolding crisis, President Lee has also made the difficult decision to skip this week’s NATO summit, choosing instead to stay focused on the evolving Middle East situation and its implications for South Korea.
Earlier in the day, a vice industry minister also expressed concerns about the potential fallout on the country’s trade, further emphasizing how deeply connected South Korea’s economy is to global stability.
As uncertainty looms, President Lee’s message is clear: protect the economy, shield the people, and act swiftly.
