South Korea’s Finance Minister Koo Yun-cheol pledged diplomatic efforts and diversified import sources to address energy price volatility amid geopolitical uncertainties in the Middle East, Yonhap News Agency reported.

Speaking at a meeting of economy-related ministers in Sejong, Koo noted that global oil prices have risen sharply amid heightened geopolitical tensions.

"The government intends to remain vigilant and maintain an emergency response system to stably manage the supply of energy sources and their prices," Koo said.

The government also announced an extension of the country’s fuel tax cut scheme for another two months through November, aiming to ease the burden on consumers as tensions in the Middle East persist.