S. Korea Escalates Energy Alert as Hormuz Crisis Disrupts Oil Supplies
The Ministry of Trade, Industry and Energy, which announced the measure effective at midnight, tied the decision directly to deteriorating conditions on the ground — now a full month into the ongoing regional war.
"The decision was made as disruptions in domestic oil supplies are materializing and as global oil prices are continuing to show excessive volatility," the ministry said.
The ministry also acknowledged the severity of the situation in stark terms, noting the country "is beginning to see physical disruptions in oil supplies."
The move reflects a deepening supply crisis. Crude imports transiting the Strait of Hormuz have been halted for more than 10 consecutive days, following the waterway's effective closure on March 1 — with the last tanker to reach South Korean shores from the strait docking on March 20. The stakes are enormous: in 2024, South Korea drew approximately 55% of its total energy needs from the Middle East, representing roughly $144 billion in trade.
The crisis traces its roots to February 28, when Israel and the United States launched a coordinated offensive against Iran — a campaign that has since claimed more than 1,340 lives, among them then-Supreme Leader Ayatollah Ali Khamenei. Iran has responded with waves of drone and missile strikes directed at Israel, Jordan, Iraq, and Gulf states housing US military installations, inflicting casualties, damaging critical infrastructure, rattling global financial markets, and snarling international aviation.
The human toll on American forces has also mounted, with at least 13 US service members killed and dozens more wounded in the ongoing hostilities.
At the center of the crisis sits the Strait of Hormuz, a chokepoint of global energy significance. Tehran has maintained a firm grip over the passage, selectively permitting transit only to vessels from nations it designates as "friendly" — a posture with sweeping consequences for energy-dependent economies across Asia.
South Korean Foreign Minister Cho Hyun pressed Tehran last week to guarantee unimpeded navigation through the strait. Iranian Ambassador to Seoul, Saeed Koozechi, indicated that South Korean vessels would be permitted passage — but only following direct coordination with Iranian authorities, a condition that introduces fresh logistical hurdles for one of Asia's most energy-reliant economies.
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