Seven Korean oil tankers are currently stuck in the Hormuz Strait due to the fallout from the U.S.-Iran conflict, with three of these tankers holding oil equivalent to three days' worth of South Korea's consumption.
As the conflict between the U.S. and Iran intensifies, the Hormuz Strait has become a focal point of tension, causing seven Korean oil tankers to be stranded in this crucial shipping route. It was reported that the tankers, belonging to Hyundai Oilbank and GS Caltex, have been trapped since May 5th, leading to urgent calls from the business sector for government intervention to mitigate potential supply disruptions. Key officials have noted that three of the tankers contain approximately 2 million barrels each, which collectively represents three days' worth of South Korea's total oil consumption.
The Hormuz Strait is vital for global oil transport, with about 27% of the world's maritime oil trade passing through it. With a narrow width of about 10 km for tanker navigation, the strait is effectively within Iranian territorial waters, heightening geopolitical risks for nations dependent on this route. Reports indicate that South Korea sourced around 69.1% of its crude oil from the Middle East last year, with over 95% of that oil transiting through the Hormuz Strait, illustrating the country's significant reliance on this passage for its energy needs.
In response to the situation, members of the National Assembly, including Kim Young-bae from the Democratic Party, have emphasized the necessity for strategic measures to address the oil supply issues stemming from the blockage. Discussions have arisen regarding the possibility of utilizing government reserves, reflecting the urgent need for the government to act quickly to prevent an energy crisis as the situation in the strait remains precarious and further developments are anticipated in the ongoing U.S.-Iran tensions.
