President Yoon Suk Yeol called for thorough efforts to manage the domestic impact of the Iran-Israel conflict through operation of an analysis and management system regarding energy supplies and supply chains.

Presiding over a Cabinet meeting on Tuesday, Yoon said uncertainties in the Middle East are directly linked to soaring global oil prices, which in turn cause extensive damage to the local economy and supply chains.

Stating that 72 percent of crude oil in the country comes from the Middle East, with 60 percent of the petroleum used imported through the Strait of Hormuz, the president said a sharp rise in transport costs and global oil prices would lead to increased inflation, worsening people’s financial situations.

Under close coordination with countries affected by the conflict, Yoon pledged to reinforce safety measures for Korean nationals and assets in the region, while calling for proactive steps to minimize various types of risk factors.

The president also urged officials to maintain a firm readiness posture against the impact of Mideast uncertainty on national security, as well as potential North Korean provocations.