Oil Prices Surge Again Amid Renewed 'Middle East Risk'... Korean Prime Minister Urges Preemptive Measures to Secure Crude Supplies

Emergency Economic Inspection Meeting
Prime Minister Presides in Person for the First Time in Six Weeks

Amid renewed escalation in the Middle East war, Prime Minister Han Sung-sook on September 10 called for preemptive action to secure crude oil supplies for the period after November, in preparation for a prolonged crisis.

Prime Minister Han Sung-sook is speaking at the Emergency Economic Inspection Meeting held at the Government Seoul Office in Jongno-gu, Seoul on September 10, 2026. Photo by Jo Yongjun

Presiding over the Emergency Economic Inspection Meeting at the Government Seoul Office that morning, Prime Minister Han stated, "Crude oil supplies have been secured at over 90% of last year's volume through October, so there are currently no issues with supply and demand. However, make sure to double-check that there are no actual disruptions to domestic supply." She further urged, "Please monitor the status of major maritime transport routes such as the Strait of Hormuz and the Red Sea in real-time, and thoroughly review the supply statuses of crude oil and key raw materials."

This was the first time in about a month and a half since July 29 that Prime Minister Han had personally presided over the Emergency Economic Inspection Meeting. Previously, the meeting had been delegated to a deputy prime minister after tensions eased following ceasefire negotiations between the United States and Iran. However, with the situation deteriorating, she has again taken direct control. Prime Minister Han said, "Recently, military clashes between the United States and Iran around the Strait of Hormuz have intensified again, and there is also the possibility of an escalation into other regions within the Middle East. The government will analyze both domestic and international risks, including the impact on global supply chains, and review all ongoing response measures so that this situation can be a catalyst to address the crisis more proactively." The meeting was attended by key economic officials, including Koo Yoon-cheol, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, and Lee Eog-weon, Chairman of the Financial Services Commission.

After surging well above 100 dollars per barrel immediately following the Middle East war in March, international oil prices stabilized in the 70-dollar range from mid-June before rebounding upwards. With the Chuseok holiday approaching, stabilizing consumer prices has become a top priority for authorities. Prime Minister Han stated, "Make sure to implement the 'Chuseok Livelihood Stabilization Measures' without delay so that the public does not feel any greater burden regarding inflation, and respond firmly to any activities disrupting prices." She also called on financial authorities by saying, "Closely monitor the financial and foreign exchange markets, and quickly respond if necessary to prevent excessive volatility."

This content was produced with the assistance of AI translation services.