South Korean President Yoon Suk Yeol yesterday called on authorities to swiftly implement a price cap on local fuel and take proactive measures to deal with rising gas prices and exchange rate fluctuations amid Middle East tensions. South Korean news agency Yonhap reported that Yoon made these remarks during a ministerial meeting to assess developments in the region where oil prices have spiked. Yoon said: "Amid the escalating Middle East crisis, uncertainty in the domestic and global economic environment is expanding, which places a heavy burden on the Korean economy, which heavily relies on world trade and energy imports from the Middle East." South Korean President yesterday called for proactive steps, considering the worst-case scenarios, to counter the economic repercussions of escalating tensions in the Middle East, urging measures to ensure financial stability and explore alternative energy sources. On another front, South Korea and the United States yesterday kicked off their annual spring joint military exercises to bolster their combined defense posture, as they prepare to transfer wartime operational control from Washington to Seoul. The "Freedom Shield" drills are scheduled to run until March 19, which include a field training exercise called "Warrior Shield," according to South Korea's Yonhap news agency. South Korea aims to achieve the transfer of wartime operational control from the U.S. within its five-year term, which ends in 2030. As part of efforts for a swift transfer, the allies agreed to complete the verification of Seoul's full operational capability by the end of this year, which is the second part of a three-phase program to assess their ability to lead the allies' combined forces. The number of troops participating in the 2026 exercises is about 18,000, a similar number to last year. However, it is expected that Seoul and Washington will conduct 22 field exercises during "Freedom Shield," which is less than half compared to last year (51 field exercises). The military seeks to distribute the field exercises throughout the year to ensure year-round military readiness since the launch of the Yoon government. North Korea has long denounced the joint military exercises between Seoul and Washington as a "rehearsal for invasion," although the allies say the exercises are defensive in nature.
