The government is monitoring the market around the clock amid heightened volatility since the military clash started between Israel and Iran.

The government held an emergency task force meeting for relevant ministries and agencies Monday morning to assess the Middle East crisis and its potential impact on the domestic economy, and to discuss response measures. 

Participants included officials from the ministries of foreign affairs, finance, industry and oceans, as well as the Bank of Korea and financial regulators. 

In light of growing volatility in global financial markets and commodity prices since Friday, when Israel launched its initial airstrikes against Iran, the emergency task force agreed to strengthen monitoring of financial and real-economy trends and to respond swiftly to any unusual developments in close coordination with relevant agencies.

The government also plans to ensure the energy supply remains stable and to minimize disruptions to exports and logistics through active support measures for exporters to the Middle East.