International oil prices soar due to Israel's airstrike on Iran... Government says 'no impact on imports yet'

No disruptions in crude oil or LNG imports... Tankers and carriers near the Middle East operating normally

Rapid response plan in place if prices surge further amid ongoing monitoring of the Middle Eastern situation

Amid significant upheaval in the Middle East following Israel's preemptive strike on Iran, the government conducted an emergency review of the nation's oil and gas supply situation.

On the 13th, the Ministry of Trade, Industry and Energy held an emergency situation assessment meeting at the Korea Gas Corporation conference room in Seoul, presided over by Yoon Chang-hyun, Director of the Resource Industry Policy Bureau. Officials from Korea Gas Corporation, Korea National Oil Corporation, Korea Energy Economics Institute, Korea Institute for International Economic Policy, and Korea Petroleum Association attended the meeting.

News of Israel's airstrike on Iran sent international oil prices sharply higher. As of 12 PM, Brent crude was trading at $76.8 per barrel, up 10.7% from the previous trading day, and as of 3 PM, it was around $73, reflecting a rise of about 7%.

The Ministry reported that, as of the inspection, there have been no issues with the import of crude oil or liquefied natural gas (LNG) into Korea, and oil tankers and LNG carriers sailing or loading near the Middle East are operating normally. Status of reserves at Korea National Oil Corporation and Korea Gas Corporation, as well as industry emergency preparedness plans, were also reviewed.

The Ministry stated, "As Korea has a high dependence on Middle Eastern oil and gas, the current situation can directly impact our energy security," adding, "Depending on how circumstances develop, oil and LNG imports may be significantly affected, so we will continuously monitor the Middle East and respond accordingly."

Reporter: Ha Ji-eun hazzys@hankyung.com