▲ President Lee Jae Myung speaks during a Cabinet meeting held at the government complex in the administrative city of Sejong on March 17, 2026. (Yonhap)

Lee-Cabinet meeting

Lee calls for measures to handle worst-case scenarios over prolonged Mideast crisis

By Kim Eun-jung

SEOUL, March 17 (Yonhap) -- President Lee Jae Myung said Tuesday the government should prepare measures to mitigate the potential economic fallout under a worst-case scenario that the Middle East crisis could become prolonged.

Lee made the call as the Strait of Hormuz, a critical global oil shipping route, has effectively been shut as the U.S.-led war in Iran entered its third week, raising concerns for South Korea, which relies heavily on energy imports.

"From now on, we must prepare measures with even the worst-case scenario in mind on the premise that the Middle East situation may be prolonged," Lee said during a Cabinet meeting held in the administrative city of Sejong.

Lee called on the government to step up diplomatic efforts to secure additional crude oil supplies and alternative sources, while also preparing energy-saving measures, such as car license plate restrictions every five days or 10 days, if necessary.

"If needed, we should also consider emergency measures such as export controls or increasing the operation of nuclear power plants," he said.

Lee also urged the government to swiftly prepare a supplementary budget to support vulnerable groups and exporting companies, and called on the National Assembly to promptly review the proposal once it is submitted.

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