US attacks on Iran: S. Korean finance ministry to hold emergency meeting
Seoul: South Korea's finance ministry said on Sunday it will hold an emergency meeting to assess the economic impact of U.S. strikes on Iran's nuclear facilities and the escalating conflict in the Middle East.
The meeting was to be chaired by acting Finance Minister Lee Hyoung-il, according to the ministry. Officials are expected to discuss the potential effects of the Iran-Israel conflict on the South Korean economy and explore measures to mitigate possible adverse outcomes.
Separately, the Ministry of Trade, Industry and Energy also held a related meeting to examine the implications of the U.S. attacks on South Korea's trade, energy and supply chains, reports Yonhap news agency.
South Korea relies entirely on energy imports, with the majority sourced from the Middle East.
U.S. President Donald Trump said on Saturday (U.S. time) that American warplanes have bombed Iran's three key nuclear facilities, marking a major escalation in the ongoing war between Iran and Israel.
The presidential National Security Council convened on Sunday to discuss ways to minimise the impact of the Middle East crisis following the United States' strikes on nuclear facilities in Iran, the presidential office said.
National Security Adviser Wi Sung-lac held the meeting with presidential aides on foreign affairs and security after the U.S. conducted precision strikes on three key nuclear facilities in Iran in an escalating conflict between Israel and Iran.
During the meeting, Wi stressed the importance of protecting the lives and safety of the Korean people and ensuring the stability of daily life, according to presidential spokesperson Kang Yu-jung.
"He urged close communication and cooperation among relevant ministries to minimize the impact of the recent series of developments in the Middle East on the Korean Peninsula's security and economic conditions," Kang said.
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The escalation led to a spike in oil prices, reflecting increased geopolitical risk and supply disruption Brent crude oil prices have shot up to USD 77 per barrel, up 10 per cent since the conflict analysts at Goldman Sachs warn that oil prices could exceed USD 90 if the conflict crude prices could surge to nearly USD 90 a barrel if the Strait of Hormuz were closed, analysts at Citigroup agency Icra said any escalation in the conflict in the area could significantly impact sources about 40 per cent of its supplies from Middle East nations such as Iraq, Saudi Arabia, the United Arab Emirates, and Kuwait. 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India's June volumes from Russia and the US confirm this resilience-oriented SOURCES: If conflict deepens or there is any short-term disruption in Hormuz - Russian barrels will rise in share, offering both physical availability and pricing may pivot harder toward the US, Nigeria, Angola, and Brazil, albeit at higher freight Minister Hardeep Singh Puri on June 13 stated that India has adequate energy supplies for the coming months and can easily tap into alternate sources in case of any can also release oil from its strategic reserves (covering 9-10 days of imports) to bridge any government can also consider price subsidies to curb inflation if domestic prices spike, especially for diesel and oil prices in the near term would erode the margins state fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have accumulated by keeping retail prices steady even when international rates had of Yes Securities said oil markets appear well-supplied, with OPEC 's 4 million barrels per day spare capacity and a pre-conflict global surplus of 0.9 million bpd providing a buffer. The rise of US shale adds further resilience.
