Finance Minister Koo Yun-cheol said Sunday that heightened military tensions surrounding Iran are expected to increase volatility in global financial and energy markets, vowing round-the-clock monitoring through a governmentwide emergency response team, the finance ministry said. Koo made the remarks while presiding over an emergency meeting in Seoul, following a joint U.S.-Israeli strike on Iran a day earlier that reportedly killed Iran's Supreme Leader Ayatollah Ali Khamenei amid stalled negotiations over Tehran's nuclear program. "We rely heavily on the Middle East for energy, and a swift response is needed due to volatility in global energy prices stemming from potential instability in the Strait of Hormuz," Koo said. "Given the high level of uncertainty, we should remain on heightened alert and respond with vigilance." South Korea currently has sufficient strategic oil reserves and response capacity to cope with potential supply disruptions, Koo said, adding that the government is preparing to release oil reserves into the domestic market if necessary. The government has set up a pa