South Korea will send five Korean-flagged ships to Saudi Arabia’s Red Sea port of Yanbu to help establish alternative oil supply routes to avoid disruptions in the Strait of Hormuz, a ruling lawmaker said Monday.
Oil prices have risen amid the US-Israel war on Iran, raising growth and inflation risks for South Korea, which depends on Middle Eastern crude for nearly 70 percent of its imports.
Iran has closed the Strait of Hormuz – an important oil and gas route in the world – in retaliation for the US and Israeli attacks that began on February 28.
The situation has prompted Seoul to prepare emergency measures, including a cap on fuel prices, the first such measure since 1997.
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Trump’s strong and foul-mouthed message threatening Iran is drawing criticism
Trump’s strong and foul-mouthed message threatening Iran is drawing criticism
“Korean-flagged ships need to be sent to an alternative route” to get crude products through the Strait of Hormuz, lawmaker Ahn Do-geol told reporters after a meeting with relevant agencies, including the energy ministry.
