
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
Artemis II astronauts say they're "ready to go" for moon launch - 2
This Week In Space podcast: Episode 192 — Space, 2026! - 3
A few Exemplary Chinese Dishes, Which Are Famous Around the world - 4
How color-changing, bacteria-infused spacesuits could help keep future astronauts safe from space radiation - 5
Getting breast implants was a mistake I live with every day. Why I’m sharing my story now, at 70, in pain and afraid.
California is completely free of drought for the first time in 25 years
This St Nick Truly Can Advise How To Drink And Hack Your Headache
Mussolini's summer villa on Adriatic coast sold for €1.2 million
Audits of 6 European Busssiness Class Flights
SpaceX shatters its rocket launch record yet again — 165 orbital flights in 2025
15 Outrageous Cosplay Outfits That Will Blow You Away
Doggie diversity in size and shape began at least 11,000 years ago
From record warming to rusting rivers, 2025 Arctic Report Card shows a region transforming faster than expected
Flourishing in a Cutthroat Work Market: Vocation Methodologies













