Seoul, South Korea – South Korea is preparing emergency measures to secure crude oil supplies after disruptions in the Strait of Hormuz, with plans to dispatch five Korean-flagged vessels to alternative routes in the Red Sea.
The move comes as oil prices surge בעקבות escalating tensions linked to the US-Israeli conflict with Iran, raising concerns over inflation and economic stability in Asia’s fourth-largest economy. South Korea depends on the Middle East for roughly 70% of its crude imports, much of which typically passes through the Strait of Hormuz.
A ruling party lawmaker confirmed the contingency plan following high-level discussions with energy authorities.
“Korean-flagged vessels need to be dispatched to alternative routes to secure crude supplies,” said Ahn Do-geol.
“We are pushing to deploy five South Korean-flagged vessels to Yanbu port in Saudi Arabia, in the Red Sea region.”
The Red Sea port of Yanbu is seen as a strategic alternative, allowing shipments to bypass the Strait of Hormuz, which has been effectively closed by Iran in retaliation for recent strikes. The disruption has sent shockwaves through global energy markets, highlighting the vulnerability of key maritime chokepoints.
In parallel, Seoul is expanding diplomatic efforts to stabilize supply chains.
“Special envoys will be sent to Saudi Arabia, Oman and Algeria to help secure additional crude supplies,” Ahn added.
The government is also implementing domestic measures to cushion the economic impact. A proposed $17.2 billion supplementary budget aims to offset rising fuel costs and broader inflationary pressure. President Lee Jae Myung warned that the situation has placed the economy under severe strain.
“The economy is effectively on a wartime footing,” the president said.
Authorities have begun urging energy conservation nationwide, issuing guidelines that include reducing household consumption and shifting electricity use to off-peak hours.
The Strait of Hormuz, a narrow waterway between the Persian Gulf and the Gulf of Oman, is one of the world’s most critical energy corridors, handling a significant share of global oil and gas shipments. Its disruption underscores the geopolitical risks facing energy-importing nations and the urgent need for diversification of supply routes.
