South Korea is strengthening contingency plans as Middle East tensions persist,
with Prime Minister Kim Min-seok calling for a whole-of-government response. An
emergency economic task force and situation room will be set up, while a
supplementary budget of about 25 trillion won ($16.7 billion) is being prepared
to address rising energy costs, support households and stabilize supply chains.
The government has already imposed a fuel price cap and may cut fuel taxes. The
move comes as the country, which imports about 70% of its crude from the Middle
East, faces inflation and growth risks from potential supply disruptions.
