Seoul: South Korean President Lee Jae Myung on Monday called for a "quick transition" to renewable energy sources as the Middle East conflict continues to negatively affect oil supplies. The situation is "worse than you think" and could deteriorate further, he warned while addressing a town hall meeting on the southern island of Jeju, local news agency Yonhap reported.

According to Anadolu Agency, President Lee expressed deep concern over the current global energy situation, stating, "The whole world is in chaos because of the energy issue, and it's so serious that I can't fall asleep either." He emphasized the urgency of transitioning swiftly to renewable energy to mitigate these challenges. South Korea currently imports about 55% of its energy sources, valued at $144 billion in 2024, from the Middle East.

The ongoing US-Israel war with Iran and heightened tensions in the Strait of Hormuz have significantly disrupted regional energy flows, leading to shortages and exerting price pressures worldwide. On March 2, Iran announced restrictions on navigation in the Strait of Hormuz, a critical transit route for oil tankers, and threatened to attack any vessels attempting to pass without coordination. Approximately 20 million barrels of oil transit the strait daily, and its effective closure has driven up oil prices and increased shipping and insurance costs, raising global economic concerns.