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Gov't to secure oil supplies from outside Middle East amid possible closure of Hormuz strait

Published: 03 Mar. 2026, 14:06

First Vice Finance Minister Lee Hyoung-il, left, and Second Vice Foreign Minister Kim Jin-a attend a press briefing on an emergency government meeting on the response to the Iran crisis held at the government complex in central Seoul on March 2. [YONHAP]

The government said Tuesday it will push for securing oil supplies from outside the Middle East in response to the possible closure of the Strait of Hormuz amid ongoing U.S. and Israeli strikes on Iran, while stressing that Korea has sufficient oil reserves.

The Ministry of Economy and Finance held an emergency response meeting on the Iran conflict with related ministries to assess the impact of the situation on Korea and discuss a response strategy.

The ministry said no safety issues have been reported from Korean vessels operating in the Middle East and that the country holds sufficient oil reserves under a scenario in which the crisis becomes prolonged.

But in preparation for a potential blockade of the Hormuz Strait, the world's most critical oil export route, the government will work to secure additional oil supplies from regions other than the Middle East, it added.

Korea heavily relies on energy shipped through the strait, importing about 70.7 percent of oil and 20.4 percent of liquefied natural gas from the Middle East.

The ministry said the government will monitor domestic and global energy and financial markets around the clock, and is ready to implement a market stabilization program, comprising at least 100 trillion won ($68.4 billion) in support, if needed.

The government will also sternly respond to unfair market practices, including fake news operations that attempt to exploit investor sentiment, the ministry added.

Yonhap