South Korea Responds to Strait of Hormuz Closure

The government of South Korea is responding to the escalating Iran crisis, which includes ongoing strikes by the United States and Israel on Iran, and the Islamic Revolutionary Guard Corps' declaration of the Strait of Hormuz closure. This situation poses a significant threat to South Korea's energy supply, as the nation heavily relies on oil and liquefied natural gas imports through the strait. In response, the South Korea===Ministry of Economy and Finance held an emergency meeting, and the government is actively seeking alternative oil supplies from outside the Middle East. The KOSPI has plunged over 7 percent, reflecting heightened market concerns. South Korea is also preparing a market stabilization program worth at least 100 trillion won and will take measures against unfair market practices and fake news. Industry Minister Kim Jung-kwan is implementing support for exporting firms, and Vice Budget Minister Lim Ki-keun is monitoring budget execution to minimize damage.