First Vice Finance Minister Kim Beom-seok said Iran's recent air strike on Israel will have a "limited" effect on crude oil supply chains.

Kim made the statement Wednesday at an interagency meeting to assess the impact on the domestic market of the war in the Middle East.

He said the government will take decisive action in accordance with its contingency plan if the market shows excessive volatility, adding that the appropriate agencies are monitoring the situation around the clock. 

The vice minister also promised efforts to ensure that the crisis has no adverse impact on inflation in South Korea.