Seoul – South Korea is experiencing minimal economic impact following Israel’s retaliatory attack on Iran but may consider further fuel tax cuts if global market volatility increases, President Yoon Suk Yeol’s office said Sunday.

The comments, made during a meeting to assess the security and economic situation, followed the government’s recent decision to extend subsidies on petroleum products for another two months, until the end of December, along with lower tax relief rates.

“The impact of geopolitical risks in the Middle East on our economy is expected to be limited,” Yoon’s office said in a statement. The statement was included.

“We do not expect a major impact on domestic crude oil supply and prices, but in case of high volatility in the global market, we will respond with various stabilization measures, such as additional reductions in fuel taxes.”

The presidential office also pledged to maintain a 24-hour monitoring system in preparation for a possible crisis in the Middle East, pledging to respond immediately if necessary.

Separately, the finance ministry also said in a statement after the internal meeting that the impact on crude oil supplies, trade, supply chains and shipping was minimal. They will continue to monitor the situation.