South Korea is moving to secure alternative oil supply routes as tensions in the Strait of Hormuz disrupt global energy flows, with plans to dispatch Korean-flagged vessels to Saudi Arabia's Red Sea port of Yanbu, according to media reports.
According to Al Jazeera, a ruling party lawmaker said Seoul is preparing to send five vessels to the Saudi port to reduce dependence on the Hormuz route, a key artery for global crude shipments.
“Korean-flagged vessels need to be dispatched to alternative routes” to secure crude supplies bypassing Hormuz, lawmaker Ahn Do-geol told reporters after a meeting with government agencies, including the energy ministry.
“We are pushing to deploy five South Korean-flagged vessels to Yanbu port in Saudi Arabia, in the Red Sea region,” he added, without elaborating.
Also Read: Iran's Grip On Global Energy And Why The Strait Of Hormuz Isn't Closing
The move comes as oil prices surge amid the ongoing US-Israel conflict with Iran, heightening inflationary and growth risks for South Korea, which relies on Middle Eastern crude for nearly 70% of its imports. Iran's effective blockade of Hormuz, following strikes that began on Feb. 28, has rattled global markets and prompted urgent contingency planning in Seoul.
In addition to the shipping plan, Ahn said special envoys will be dispatched to Saudi Arabia, Oman and Algeria to secure additional energy supplies through alternative routes.
The disruption has pushed South Korea to consider emergency economic measures, including a fuel price cap, the first since 1997, and a proposed $17.2 billion supplementary budget to cushion the impact. President Lee Jae Myung has warned the economy is operating on a “wartime footing.”
Notably, shipping activity continues cautiously through Hormuz. Turkey's Transport Minister Abdulkadir Uraloğlu said a Turkish-owned vessel, Ocean Thunder, safely transited the strait after loading crude from Iraq's Basra port en route to Malaysia. It marks the third such successful passage in recent days, even as risks in the region remain elevated.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
