
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
How much should a kid's birthday party cost? One mom spent $190 for pizza and ice cream at a park. Another paid $2K for a playspace and goodie bags. - 2
The most effective method to Apply Antiquated Ways of thinking in Current Brain science Practices - 3
Simple Consideration Plants for Home and Office: An Aide - 4
Every year, she thanks the trooper for the arrest that led to her sobriety - 5
Careful Nurturing: Techniques for Bringing up Tough Children
Yes, NASA's launching Artemis 2 astronauts to the moon on April Fools' Day. It's not a joke.
4 Electric Vehicle Brands: Execution, Unwavering quality, and Development
Getting through a Lifelong Change: Individual Examples of overcoming adversity
How food assistance programs can feed families and nourish their dignity
Comet Lemmon and Milky Way spotted over Hawaii | Space photo of the day for Dec. 12, 2025
The Most Compelling Innovation Advancements Somewhat recently
Horror and fear in West Bank as Israel approves hanging Palestinians convicted of murdering Israelis
The Secret Destinations Amex Says Will Be More Popular Than Bali by 2026
Is Chinese food truly flavorful?













