(EDITORIAL from Korea Times on Aug. 6)

Iran and its allies are vowing bloody vengeance against Israel in response to the assassination of Hamas' top leader Ismail Haniyeh. Concerns are growing over the possibility of an all-out war between Israel and Iran, the two archrivals in the Middle East, potentially leading to the Fifth Middle East War, following the Fourth War in 1973. The United States, Israel's ally, began to move warships and fighter jets to the region, while many airlines canceled flights. Many Western countries and South Korea asked their citizens to leave Lebanon, the stronghold of the militant group Hezbollah. U.K. Foreign Secretary David Lammy said, Saturday, "Tensions are high, and the situation could deteriorate rapidly." Israeli Defense Minister Yoav Gallant called for global support for "Israel's defense against Iran and its proxies." Adding to the growing concerns, anxiety is rising over a potential U.S. recession, driven by sluggish performance in the manufacturing and employment sectors. Major U.S. tech companies have not met market expectations, which has intensified fears about the future of the AI industry. Meanwhile, the Korean economy remains highly vulnerable to external fluctuations, as evidenced by the recent sharp decline in the stock market. The current conflict between Israel and Hamas began with a surprise blitzkrieg attack by Hamas on Israel in October last year. Reports indicate that the situation may expand to involve Iran and its allies, including Hezbollah in Lebanon and Yemen's resistance forces. On Sunday, some news outlets reported that Iran might retaliate on Monday for the recent assassination that occurred within its own borders. Iran launched hundreds of drones and missiles into Israeli territory in response to Israel's bombing of the Iranian Embassy in Syria in April. In a national address, Israeli Prime Minister Benjamin Netanyahu warned of severe consequences if Iran follows through with further aggression, pledging a strong response to any potential attacks. The potential spreadof military confli ct in the Middle East will likely plunge the world economy into a vortex, prompting oil shocks and the disruption of supply channels. Already-volatile international oil prices will skyrocket, pushing the Korean economy, heavily reliant on crude imports, to the brink of crisis. Iran's possible blockading of the Hormuz Strait will result in soaring oil prices coupled with further supply channel disruption. This will also put further inflationary pressure on the Korean economy. Most of Korea's imported crude passes through this important Middle Eastern strait. As Iran, the third-largest oil-producing country in OPEC, pledged revenge, oil prices have shown signs of skyrocketing. The hikes in oil prices, plus daily necessities such as agricultural and livestock products, will further exacerbate the difficulties facing the people. The outbreak of an all-out war in the region will also dampen domestic construction companies in their bids to win orders from countries in that part of the world. The situation is expe cted to worsen as the escalating military conflicts in the Middle East lead to increased arms trade between Iran and North Korea, whose close ties are driven by their shared hatred of the United States. Reports suggest that Iran used North Korean ballistic missiles in its attack on Israel, while North Korea is believed to have acquired military drones from Iran. North Korea has already been emboldened by its military deal with Russia and will be tempted further to step up its military provocations against South Korea, prompted by its bolstered military ties with Iran. In this regard, it is time to heighten vigilance against the North's military moves. The Yoon Suk Yeol administration should step up efforts and take necessary measures to minimize the possible fallout from a possible Middle East conflict and a U.S. economic recession. It should outline detailed steps to address various scenarios, as the looming crises in both the Middle East and the U.S. are expected to be more significant than ever, with ext ensive impacts on Korea's national security and economy. Source: Yonhap News Agency