South Korea Sets Up Emergency Economic Teams Over Middle East Crisis

South Korea has launched two emergency economic teams in response to the escalating crisis in the Middle East, as authorities move to shield the country’s economy and protect citizens’ livelihoods.

Prime Minister Kim Min-seok announced Wednesday that an emergency economic situation room will be established at the Presidential Office, alongside a separate emergency economic headquarters operating under his direct supervision.

The decision comes amid rising tensions involving the United States, Israel, and Iran, which have continued to unsettle global markets.

Speaking during a briefing, Kim warned that the crisis could be prolonged and stressed the importance of proactive planning. He said the government is strengthening its preemptive response system and preparing for worst-case scenarios.

The measures follow directives from President Lee Jae Myung, who ordered the activation of a comprehensive emergency framework to mitigate economic shocks. A separate high-level emergency economic meeting chaired by the president will serve as the central decision-making “control tower.”

South Korea remains particularly vulnerable due to its heavy dependence on energy imports passing through the Strait of Hormuz, a critical global oil transit route.

To reduce the risk of shortages, the government has introduced conservation measures, including a five-day rotation system for public sector vehicles based on license plates. Authorities have also urged citizens to cut down on water and electricity use, such as taking shorter showers and charging electronic devices during off-peak hours.

The Middle East crisis has intensified since a joint offensive by the United States and Israel against Iran began on Feb. 28, triggering retaliatory drone and missile strikes by Tehran targeting Israel and Gulf states hosting U.S. military assets.

Disruptions in the Strait of Hormuz—through which roughly 20 million barrels of oil pass daily—have driven up shipping costs and contributed to rising global oil prices, heightening concerns for import-dependent economies like South Korea.