Eric Kurtsbail, the EU director for Asia-Pacific relations, highlighted the risks of escalating energy prices due to the situation in the Strait of Hormuz during an interview in Seoul. He noted that South Korea and the European Union have discussed sharing information and strategizing responses to mitigate potential energy supply disruptions as a result of the ongoing conflict in Iran. "The need for cooperation and dialogue is critical in addressing these globally significant issues," he stated, reiterating the shared reliance on energy resources from the Middle East, where approximately 70% of South Korea's crude oil imports originate.

The conversation between Kurtsbail and the Hankyoreh could not have come at a more pertinent time, given the geopolitical tensions surrounding the war involving Israel and Iran. The EU and other nations have recognized that energy supply chains could be jeopardized, prompting discussions at the 22nd Korea-EU Joint Committee meetings, where a focus on collaborative strategies was paramount. With the Strait of Hormuz being a crucial channel for about 20% of the world's oil shipments, any escalation in conflict could significantly impact both regions' economies and energy security.

Moreover, Kurtsbail indicated that while it is too early to predict the precise economic ramifications of the ongoing conflict, he underscored the necessity of joint responses to stabilize the situation. The EU is actively engaging with both regional and external partners to explore the possibility of quickly ending the conflict, as it recognizes that unilateral responses would be inadequate in addressing the challenges brought forth by such crises. The growing dependence of both South Korea and EU member states on Middle Eastern energy sources reinforces the urgency for broad-based cooperation, not only in energy security but also in scientific and research partnerships, particularly through initiatives like South Korea's participation in the 'Horizon Europe' program.