Finance minister Choo Kyung-ho has forecast increased financial market uncertainties and oil price volatility stemming from the conflict between Israel and Palestine's Hamas militant group.

At a meeting to check up on markets and the real economy on Tuesday, Choo assessed that while the impact on the international financial market remains limited at this early stage of the crisis, uncertainties over the development of the situation are high.

The minister called for around-the-clock monitoring of financial and foreign exchange markets at home and abroad and for related ministries to verify contingency plans for various scenarios.

He also urged officials to bolster efforts to minimize the adverse impact of volatile global oil prices on inflation at home through the management of agricultural, livestock and fisheries prices.

At a separate meeting of executives at the Financial Services Commission(FSC), Chairman Kim Joo-hyun also assessed the impact of the conflict to be limited for the time being.

However, the FSC chief called for a close check up on the flow of funds in bond and stock markets and financial institutions' foreign exchange liquidity based on a combined market inspection and response system.