Cabinet reviews stabilization tools as Middle East tensions threaten to raise transport costs and consumer prices

South Korean President Lee Jae Myung ordered officials on Tuesday to prepare measures to stabilize prices and financial markets as rising tensions in the Middle East pushed energy markets into renewed volatility. Speaking during the government’s ninth Cabinet meeting, Lee said stabilizing prices had become “the most urgent policy priority” as global oil prices surged following escalating military confrontation in the region.

Lee instructed ministries to review a range of potential responses, including temporary fuel price controls, energy tax adjustments and targeted support for sectors vulnerable to higher fuel costs such as freight, delivery services and agriculture. Officials were also told to prepare contingency plans that could be implemented rapidly if market volatility intensifies. The government said it is also monitoring the safety of South Korean nationals in the Middle East and reviewing additional evacuation options if conditions deteriorate.

South Korean President Lee Jae Myung ordered officials on Tuesday to prepare measures to stabilize prices and financial markets as rising tensions in the Middle East pushed energy markets into renewed volatility. Speaking during the government’s ninth Cabinet meeting, Lee said stabilizing prices had become “the most urgent policy priority” as global oil prices surged following escalating military confrontation in the region.

Lee instructed ministries to review a range of potential responses, including temporary fuel price controls, energy tax adjustments and targeted support for sectors vulnerable to higher fuel costs such as freight, delivery services and agriculture. Officials were also told to prepare contingency plans that could be implemented rapidly if market volatility intensifies. The government said it is also monitoring the safety of South Korean nationals in the Middle East and reviewing additional evacuation options if conditions deteriorate.

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