The South Korean government elevated its alert level for potential crude oil supply disruptions on Wednesday, moving it up one notch to Level 2, as geopolitical tensions in the Middle East continue to escalate. According to the Ministry of Trade, Industry and Energy, the national resource security crisis warning system, which consists of four levels, was raised to the second-lowest tier, coded yellow, as of 3 p.m. This decision was prompted by heightened tensions among major oil-producing nations in the Middle East, the effective closure of the Strait of Hormuz, and rising global oil prices—factors expected to strain South Korea's petroleum supply. Earlier this month, South Korea issued the lowest Level 1 warning approximately one week after conflicts involving Iran broke out. Under the Level 2 alert, the government will strengthen measures to manage oil supply and demand by exercising priority purchasing rights for internationally held joint petroleum reserves and securing alternative supplies that bypass the Strait of Hormuz. Earlier in the day, Presidential Chief of Staff Kang Hyung-sik confirmed that South Korea has secured a commitment from the United Arab Emirates to supply a total of 24 million barrels of crude oil. Regarding plans to release 22.46 million barrels of oil from strategic petroleum reserves under an agreement among International Energy Agency member countries, the Energy Ministry stated that it is continuing consultations with the IEA to develop a detailed release plan tailored to domestic conditions. On the demand side, the government is preparing additional response strategies, including mandatory energy-saving measures for public institutions and encouraging voluntary conservation efforts in the private sector. To stabilize energy markets, South Korea last Friday implemented a temporary cap on fuel prices for the first time since 1997, while stepping up efforts to crack down on unfair market practices related to fuel pricing. Earlier this week, President Lee Jae-myung also instructed relevant departments to review additional energy-saving measures—such as restrictions on vehicle usage—every five to ten days. Meanwhile, the Ministry of Trade, Industry and Energy indicated that the national resource security crisis alert level for natural gas will remain at Level 1, given that South Korea has sufficient gas supplies to meet this year's demand and is continuing to secure additional sources from regions outside the Middle East.