South Korea issues Level 1 energy warning, will crack down on price gouging and other illegal activities

Because military strikes by the United States and Israel against Iran are affecting international energy supplies, South Korea’s Ministry of Trade, Industry and Energy on the 5th issued a Level 1 alert and warned that it would severely crack down on actions that disrupt the market, such as driving up oil prices. A Level 1 alert is the lowest level within South Korea’s four-tier national resource security alert system. The Ministry said on the day that South Korea’s energy supply capacity in the short term is sufficient, and that issuing the alert is a precautionary measure against a potential energy crisis, in order to minimize the impact that could be caused on people’s livelihoods and businesses’ production. (Xinhua)