Iran war: South Korea aims to bypass Hormuz, send ships to Saudi port for oil
Special envoys will also sail to Oman and Algeria to try to secure oil via other routes, said lawmaker Ahn Do-geol
South Korea will send five Korean-flagged ships to the Saudi Arabian Red Sea port of Yanbu to help establish alternative oil supply routes to avoid the disruption in the Strait of Hormuz, a ruling MP said on Monday.
Oil prices have surged amid the US-Israeli war on Iran, raising growth and inflation risks for South Korea, which relies on Middle Eastern crude for around 70 per cent of its imports.
Iran has effectively closed the Strait of Hormuz – a critical route for global crude oil and gas – in retaliation for US-Israeli strikes which began on February 28.
The situation has prompted Seoul to prepare emergency measures, including a fuel price cap, the first such step since 1997.
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“Korean-flagged vessels need to be dispatched to alternative routes” to secure crude supplies using export routes that bypass the Strait of Hormuz, lawmaker Ahn Do-geol told reporters after a meeting with relevant agencies, including the energy ministry.