The government is considering adopting a price cap system for oil for the first time in nearly 30 years, sources said Sunday, amid concerns over rising energy prices following the escalating conflict in the Middle East. Officials began reviewing the possibility after surging global crude prices were reflected almost immediately in domestic fuel prices, rather than after the typical two-week lag, following U.S.-Israeli strikes on Iran and Tehran's retaliatory attacks in the region. Korea, which depends heavily on energy imports, is particularly vulnerable to external price shocks, which often drive inflation. The review is being conducted under Article 23 of the Petroleum and Alternative Fuel Business Act, which allows the industry minister to designate a maximum sales price when oil prices fluctuate sharply and threaten economic stability. However, the provision has effectively remained dormant since the country liberalized oil prices in 1997. Sources said the government is weighing the option carefully because of potential side effects, including market distortions and fiscal burdens. Whi