Seoul has secured around four million barrels of crude oil from the United Arab Emirates as the US-Israel conflict with Iran disrupts global energy markets.

Iran has claimed control over the Strait of Hormuz, a vital route through which roughly 20% of the world’s oil passes. To reduce reliance on the strait, South Korea arranged for two oil tankers, each carrying two million barrels, to dock at UAE ports that avoid the passage entirely.

In addition, South Korea received a guarantee that it can access up to two million barrels from UAE strategic reserves stored in the country whenever needed.

As the fourth-largest oil importer in the world, South Korea normally gets about 70% of its crude via the Strait of Hormuz, making alternative supply routes critical during the current crisis.
AFP