South Korea triggers energy alert amid Middle East crisis

South Korea’s Ministry of Industry has issued a blue-level energy alert—the first of four—citing potential disruptions amid escalating conflict in the Middle East.

Authorities say the country is not currently facing shortages, with oil reserves sufficient to cover domestic needs for 208 days and alternative supply sources secured for most industrial materials and energy, Caliber.Az reports via South Korean media.

The government is prepared to respond quickly to any disruptions and to combat unfair market practices, including illegal oil distribution, hoarding, and price speculation.

Following recent US and Israeli strikes on Iran and a more than 10% jump in international oil prices, Seoul is actively securing additional oil and gas supplies from other regions and considering measures to control prices and minimise potential impacts on citizens and businesses.

Industry Minister Kim Jung-kwan emphasised that the country will maintain full readiness and closely monitor the situation, while Finance Minister Koo Yun-cheol added that the government is ready to use all available tools, including imposing oil price caps, to stabilise the market.

By Jeyhun Aghazada