
Korean Air says it is moving into emergency management mode to buffer the impact of surging jet fuel costs as the global economy is rocked by the ongoing US-Israel war with Iran.
A spokesperson for the national flag carrier said on Tuesday that it will implement "internal cost-reduction measures" to manage its finances to ensure the firm's "stability amidst rising fuel prices and global economic uncertainty".
Since the Iran war started on 28 February, Brent crude oil has risen by more than 50% to over $110 (£83.33) a barrel, sending the cost of jet fuel sharply higher.
Employees of the country's largest airline were first notified about the measures in a memo that has been seen by the BBC.
Vice Chairman Woo Ki-hong told staff members "we plan to switch to an emergency management system" in April to "prepare for rising costs due to a surge in fuel expenses".
The airline will "pursue company-wide cost efficiency" through measures based on the price of oil, Woo said.
The moves are "not merely one-time cost-cutting initiative but rather an opportunity to strengthen our structural foundation", he said.
South Korea is particularly vulnerable to disruptions to energy supplies from the Middle East as it is heavily reliant on oil and gas from the Gulf.
The country's second-largest carrier, Asiana Airlines, and budget airline Busan Air have also entered emergency management mode.
All three airlines are owned by the South Korean conglomerate Hanjin Group.
The average price of jet fuel rose to nearly $200 (£151.45) a barrel on 20 March, more than double what it was in February, according to the latest International Air Transport Association figures.
In Asia trade on Tuesday, energy prices edged up, with Brent crude rising by 0.3% to just over $113 a barrel.
The price of US-traded oil rose 0.2% to $103. On Monday, it closed above $100 a barrel for the first time since the conflict began.
Additional reporting by Leehyun Choi in Seoul
LATEST POSTS
- 1
Jill Hennessy was a '90s TV staple. Now she's in her fearless era. - 2
Air New Zealand cuts flights and hikes fares as fuel prices surge - 3
From Overpowered to Coordinated: Individual Accounts of Cleaning up - 4
Figure out How to Pick a SUV with Senior-Accommodating Tech Elements - 5
Israel explores creation of int'l force with Greece, Cyprus to deter Turkey
At least 490 protesters killed in Iran, activists say
This Overlooked Predator Is Running Out of Time—Why Conservationists Are Racing to Save the Striped Hyena
Vote In favor of Your Favored Shades
Infants will no longer receive hepatitis B vaccine at birth, CDC announces
Purdue Pharma's deal means money for some victims, end of Purdue company name. Here's what to know
Exploring Being a parent: A Survey of \Bits of knowledge and Guidance for Guardians\ Nurturing Book
NASA begins the countdown for humanity's first launch to the moon in 53 years
Schools to start reopening after Nigeria mass abduction
Watch comet C/2026 A1 plunge toward the sun online this week













