South Korea Reroutes Oil Supply Amid Hormuz Tensions

South Korea is preparing to reroute its oil supply chain by sending ships to Yanbu Port, as disruptions in the Strait of Hormuz intensify.

Officials said five Korean-flagged vessels will be deployed to the Saudi Red Sea port to help establish alternative supply routes and reduce dependence on the critical maritime corridor.

The move follows escalating regional tensions, with Iran effectively shutting down the Strait of Hormuz, a key artery for global oil shipments.

The disruption has pushed oil prices higher, posing significant risks to South Korea’s economy, which depends on Middle Eastern crude for the majority of its energy needs.

Lawmaker Ahn Do-geol said the government is working with relevant agencies to secure stable energy supplies and diversify import routes.

Additional measures include dispatching envoys to key energy-producing nations such as Saudi Arabia, Oman, and Algeria.

President Lee Jae Myung warned that the country is facing economic conditions similar to a “wartime” scenario, as authorities move to contain the impact of rising fuel costs.

The government has also proposed a $17.2 billion stimulus package and issued energy-saving guidelines to the public.

The developments underscore the global economic impact of disruptions in critical energy corridors and the urgency of securing alternative supply chains.