PM orders preemptive securing of crude amid rekindled Middle East tensions

The Korea Times reports that South Korean Prime Minister Han Seong-sook has ordered her economic officials to secure crude supplies preemptively in light of renewed tensions in the Middle East. During an emergency meeting, Han stated that sufficient crude has been secured through the end of October, surpassing 90% of last year's reserves.

However, she emphasized the need for continued efforts to ensure supply security beyond that point should tensions persist. Additionally, Han instructed officials to closely monitor key shipping routes in the Strait of Hormuz and the Red Sea, as well as the supply and demand dynamics of essential raw materials, in order to mitigate the impact of rising oil prices.

The government is tasked with stabilizing consumer prices ahead of the upcoming Chuseok holiday and responding firmly to any actions that threaten price stability.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.