TEHRAN - The South Korean Foreign Ministry spokesman said on Wednesday that his country has thus far not decided to forward any naval force to the Strait of Hormuz connecting the Persian Gulf and the Sea of Oman in the Middle East.

“We are assessing and monitoring developments, including escalation of tensions, in the (Persian Gulf) region,” Kim In Chol was quoted as saying by Yonhap news. 

“We all have possible plans to safeguard our nationals, vessels and tankers,” he went on to say. 

“We continue consulting other countries to promote efforts aimed at restoring peace and stability in the region,” the spokesman said. 

Yonhap news reported that South Korea attaches great importance to the Strait of Hormuz through which the country imports nearly 70 percent of its crude.

According to the new agency, South Korea's financial authorities also said Wednesday that they will maintain round-the-clock tabs on financial markets over the escalating military tensions in the Middle East.

Yoo Kwang-yeol, first senior deputy governor at the Financial Supervisory Service, instructed officials to take swift countermeasures in case of increased volatility. 

MJ/PA