South Korea Government Plans Emergency Response Amid Rising Oil Prices

South Korea's government is enhancing economic planning due to potential disruptions from a Middle East conflict, which has affected global energy markets. Prime Minister Kim Min-seok announced the formation of an emergency economic task force to coordinate efforts across multiple areas, meeting twice weekly. The country imports approximately 70% of its crude oil and 20% of LNG from the Middle East, putting it at risk of energy supply interruptions. An emergency economic situation room will be established at the presidential office, and the government has implemented an 8% retail fuel price cap and a license plate-based rotation system to manage consumption.