South Korea on Alert: Middle East Tensions Threaten Trade
South Korea expresses concern over the impact of U.S. strikes on Iran, highlighting the potential disruption to its trade. The nation, heavily reliant on Middle Eastern crude imports, faces economic challenges due to rising oil prices and geopolitical uncertainties. South Korea's government closely monitors the situation.
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In response to recent U.S. strikes on Iran, South Korea has voiced significant concerns about the potential repercussions for its trade sector. Vice Industry Minister Moon Shin-hak highlighted the risks posed by escalating tensions in the Middle East during a meeting focused on monitoring monthly exports.
South Korea, as Asia's fourth-largest economy, relies heavily on exports and is particularly vulnerable due to its dependency on crude oil imports from the region. The situation has prompted emergency security discussions among officials to evaluate possible economic impacts.
The escalation has already affected oil prices, which surged to their highest levels since January. Fears of Iranian retaliation could disrupt the Strait of Hormuz, a crucial corridor for a fifth of the world's crude supply. President Lee Jae Myung has decided to skip the upcoming NATO summit, citing the uncertainties arising from the evolving Middle East dynamics.
(With inputs from agencies.)
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