South Korea Rushes to Secure Oil as Global Shipping Tensions Rise Amid Hormuz Blockade

Seoul, April 15, 2026 - South Korea is accelerating urgent measures to secure alternative oil supplies and mitigate risks as the U.S. naval blockade of Iranian ports continues to disrupt shipping through the Strait of Hormuz, one of the world's most critical energy chokepoints.

President Lee Jae Myung warned on Tuesday that high oil prices and strained global supply chains are likely to persist for the foreseeable future due to the ongoing Middle East tensions. Speaking at a cabinet meeting, Lee stressed the need to treat prolonged disruptions as a given and ordered ministers to strengthen emergency response systems while pursuing long-term solutions such as developing alternative supply chains and accelerating the transition to a post-plastic economy.

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South Korea, which imports nearly 70% of its crude oil from the Middle East via the Strait of Hormuz, faces significant exposure. The government has already secured substantial volumes through safer routes not affected by the U.S. blockade. Presidential Chief of Staff Kang Hoon-sik announced that South Korea has locked in approximately 270-273 million barrels of crude oil from alternative sources, enough to cover more than three months of the nation's energy needs.

Efforts include diplomatic missions by Foreign Minister Cho Hyun to countries such as Congo, Algeria, and Libya to diversify suppliers. The Industry Ministry is also exploring Red Sea routes for certain safe tankers, consulting with Saudi Arabia, Oman, and other producers, and considering limited use of strategic reserves if needed. Seven South Korean-linked oil tankers remain stranded or delayed in the Gulf area, prompting priority efforts to ensure their safe passage.

Industry Minister Kim Jung-kwan assured that the country can manage supplies through April and May without immediately tapping government stockpiles, thanks to secured volumes and corporate inventories covering about 80% of normal import levels. However, officials acknowledged that even if tensions ease, it could take up to 20 days for Middle Eastern cargoes to reach South Korea.

The moves come as global oil prices remain elevated and shipping insurance costs have surged due to the U.S. blockade and fragile US-Iran ceasefire. Analysts say South Korea's proactive diversification reflects the vulnerability of energy-import-dependent economies in Asia amid the escalating crisis.