South Korean President Lee Jae-myung has warned that escalating tensions around the Strait of Hormuz could have lasting effects on global energy supplies and supply chains. Speaking at a cabinet meeting on Tuesday, he said instability in global energy and raw material markets is now inevitable and likely to persist for an extended period.

Lee emphasized that the current situation will continue to cause disruptions in global energy and raw material supply chains and maintain high oil prices. He called for the rapid development of alternative supply routes and structural changes in the industrial sector to mitigate the impact.

The president further stated that building alternative supply chains, pursuing medium- and long-term industrial restructuring, and transitioning toward a post-plastic economy should be treated as national strategic priorities.