South Korea launches energy security battle! Intends to implement "most strict measures in 35 years", with $120 oil prices becoming the red line for nationwide driving restrictions.

South Korea's finance minister stated that if oil prices exceed $120 per barrel, South Korea may expand driving restrictions to ordinary citizens in order to mitigate the impact of the Iran war on the country's energy supply. Finance Minister Joo Hyun-jik said in an interview with KBS TV on Sunday, "We are reviewing whether to expand the system to the private sector to encourage public cooperation, but we hope the war can end soon so that these measures become unnecessary." South Korea has already implemented driving restrictions for government officials, limiting the frequency of their private car use to enter government buildings based on license plate numbers. If the restrictions are expanded to the private sector (the general public), it would be the first such measure since the Gulf War in 1991. This also signifies growing concerns in this economy, which plays a key role in the global technology supply chain, about the impending energy shock. Last week, with the Iran conflict at a standstill, President Lee Jae-myung called on the public to reduce electricity consumption and use public transportation instead of driving to avoid energy shortages. As a major importer of crude oil and a large exporter of fuel to Asia and other regions, South Korea faces increasing inflation risks; the Iran conflict is seriously dragging down its economic growth for this country dependent on energy imports from the Middle East. Thanks to strong demand, South Korea's export growth held steady in early March. However, the soaring global oil prices are pushing up raw material costs, while worsening shipping conditions and broader supply disruptions are also putting immense pressure on trade. Following the Houthi missile attacks on Israel over the weekend and their declaration to continue actions until attacks against Iran and its proxy armed groups cease having an impact, Brent crude oil surged by 3.7% to $116.75 per barrel on Monday morning, potentially setting a record-breaking monthly increase. WTI crude oil also jumped above $100.