South Korea will deploy five Korean-flagged vessels to the Saudi Arabian Red Sea port of Yanbu to help establish alternative oil supply routes, as tensions in the Strait of Hormuz continue to disrupt global energy flows, a ruling party lawmaker said on Monday (April 6).
Oil prices have surged following the ongoing United States-Israeli conflict with Iran, raising concerns over growth and inflation in South Korea, which depends on the Middle East for around 70 per cent of its crude imports.
Iran has reportedly restricted access to the Strait of Hormuz, a key global shipping route for oil and gas, in response to strikes by the US and Israel.
The situation has prompted Seoul to introduce emergency measures, including a fuel price cap — the first such step since 1997.
Lawmaker Ahn Do-geol said Korean-flagged vessels are needed to secure alternative shipping routes that bypass the strait.
“We are pushing to deploy five South Korean-flagged vessels to Yanbu port in Saudi Arabia, in the Red Sea region,” he told reporters after discussions with relevant agencies, including the energy ministry.
He added that special envoys would also be dispatched to Saudi Arabia, Oman and Algeria to secure additional crude supplies.
South Korea, like many Asian economies, remains heavily reliant on energy imports passing through the Strait of Hormuz, and the disruption has driven up global energy prices while increasing economic pressure worldwide.
In response, the government has proposed a US$17.2 billion supplementary budget to mitigate the impact, with President Lee Jae Myung describing the situation as an economic “wartime footing”.
The energy ministry has also issued conservation guidelines to the public, encouraging measures such as shorter showers and daytime mobile phone charging to reduce electricity demand.
