SEOUL - Heightened tensions in the Middle East following recent attacks by Iran on Israel have South Korean industries on high alert for economic fallout. Industry leaders in oil refining and shipping are particularly concerned about the potential for rising oil prices and disruptions in shipping routes, such as the potential closure of the Strait of Hormuz.
According to Yonhap News Agency, the conflict could drive up the cost of oil and, consequently, domestic petroleum prices. Meanwhile, representatives from the shipping and petrochemical sectors are closely monitoring the situation for any signs of long-term economic impacts. The overall sentiment among these industries is one of caution, as they prepare for possible challenges ahead.