President Lee Jae Myung of South Korea on Monday called for authorities to swiftly introduce a cap on local fuel prices, and preemptive responses to cope with surging gas prices and volatility in foreign exchange markets as the US-led war with Iran has intensified in the Middle East, Report informs via Yonhap.
Lee made the remarks during an interministerial meeting to assess the latest developments following US-Israeli strikes on Iran and Tehran's retaliatory attacks across the Middle East, which have prompted the price of Brent oil to surge through $100 per barrel.
"As the crisis in the Middle East deepens, uncertainty in the domestic and global economic environment is expanding significantly, posing a considerable burden on the Korean economy relying heavily on global trade and energy imports from the Middle East," Lee said.
Lee also called for preemptive responses Monday with worst-case scenarios in mind to address the economic fallout from heightened tensions in the Middle East, urging financial stability measures and the exploration of alternative energy routes.