Crude, LNG supply stable amid Iran-Israel tensions: industry ministry

The supply of key energy resources, such as crude oil and liquefied natural gas, has remained stable despite the missile and drone attacks by Iran against Israel over the weekend, Seoul's industry ministry said Monday. The assessment came after Iran conducted the attack Saturday in retaliation for Israel's airstrike on Iran's diplomatic complex in Syria earlier this month, sparking further geopolitical uncertainties in the Middle East. While the attack has had no immediate impact on the country's resource supply, the government said it will remain vigilant, as South Korea sources 72 percent of its crude oil demand from the Middle East. "Considering the urgency of the situation in the Middle East, the government will brace for all scenarios, and make proactive responses," Industry Minister Ahn Duk-geun said during a meeting with state-run firms and oil refiners. "We will work closely with the industry and related institutions to address the situation surrounding the Iran-Israel conflict on time," he added . Source: Yonhap News Agency