The government has vowed to closely monitor oil prices and the financial market amid escalating tensions in the Middle East. 

Acting Finance Minister Lee Hyoung-il presided over a meeting of a joint emergency response team involving related organizations on Monday to assess the impact of the Middle East crisis on the domestic and global economy and discuss response measures.

Lee said that since Iran became the target of U.S. airstrikes, Iran’s parliament passed a motion to close the Strait of Hormuz, greatly increasing uncertainty. 

Highlighting the possibility of greater volatility in global energy prices, Lee instructed related agencies to stay on high alert and closely monitor international energy prices.

The acting minister also called for measures to ensure that domestic petroleum prices do not rise excessively, including thorough inspections to prevent people from illegally taking advantage of price surges. 

Lee also said that in the event of excessive volatility, the government will promptly implement the necessary measures in close coordination with relevant organizations.