South Korea&rsquo;s energy supply remains uninterrupted despite rising tensions in the Middle East following the Israel-Iran conflict, the Ministry of Trade, Industry and Energy said on Thursday. Authorities have placed the country in emergency response mode as a precaution.
An emergency meeting with refinery industry officials was held to assess the supply and pricing of oil and liquefied natural gas (LNG) and to plan for potential disruptions, including the possible closure of the Hormuz Strait.
So far, there have been no reported delays or disruptions in the import of oil and LNG, and Korean oil tankers and LNG carriers in the region are operating normally. The country maintains oil reserves for 200 days and gas reserves above mandated levels, according to the ministry.
To stabilise domestic prices, the government has extended fuel tax cuts until August and plans to conduct on-site inspections to prevent the sale of counterfeit petroleum products.
Meanwhile, global oil prices surged over 20% to $76.70 per barrel, triggered by Israel's pre-emptive airstrikes and Iran&rsquo;s retaliation.
Yoon Chang-hyun, Director General for Resources Industry Policy, said, &ldquo;We will do our best to minimise the impact of Middle East tensions on domestic oil and gas supplies and prices.&rdquo;
In a separate development, South Korea secured a &euro;52 million ($59.6 million) contract to supply power systems for the ITER nuclear fusion reactor being built in France, strengthening its role in the International Thermonuclear Experimental Reactor (ITER) project.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]
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South Korea’s Energy Supply Stable Amid Mideast Tensions

Despite Iran-Israel conflict, Seoul reports no oil or gas disruption; extends fuel tax cuts till August

South Korea’s Energy Supply Stable Amid Mideast Tensions

Despite Iran-Israel conflict, Seoul reports no oil or gas disruption; extends fuel tax cuts till August

June 19, 2025 | 22:39 IST