Han Orders Preemptive Securing of Crude Amid Middle East Tensions

South Korea's Prime Minister Han Seong-sook has ordered officials to secure crude oil supplies beyond October, citing renewed tensions in the Middle East. The move aims to mitigate potential disruptions to shipping routes and prices.

The prime minister instructed economic officials to ensure that enough crude is secured through the end of October, exceeding 90 percent of last year's levels. However, she emphasized the need for further efforts to secure supplies for the following months in case the Middle East tensions persist.

Han also asked officials to closely monitor key shipping routes in the Strait of Hormuz and the Red Sea, as well as supply and demand situations of key raw materials. The government aims to minimize negative effects from rising oil prices and stabilize consumer prices ahead of the upcoming Chuseok harvest holiday.