Seven Korean oil tankers stuck in Strait of Hormuz as government weighs options

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Seven Korean oil tankers stuck in Strait of Hormuz as government weighs options

Published: 05 Mar. 2026, 14:39 Updated: 05 Mar. 2026, 14:40

Audio report: written by reporters, read by AI

Tankers are seen off the coast of the Fujairah, as Iran vows to fire on ships transiting the Strait of Hormuz amid the U.S.-Israeli conflict with Iran, in Fujairah, United Arab Emirates, on March 3. [REUTERS/YONHAP]

Seven Korean oil tankers have been unable to pass through the Strait of Hormuz, including vessels operated by HD Hyundai Oilbank and GS Caltex, following its closure amid military clashes involving the United States, Israel and Iran, according to industry sources on Thursday.

Democratic Party lawmaker Kim Young-bae, the party’s floor leader on the National Assembly’s Foreign Affairs and Unification Committee, briefed reporters on the situation in the Middle East the same day after a meeting with representatives from the petrochemical, refining and trade industries at the Assembly building in Yeouido, western Seoul.

“Petrochemical and refining companies reported that seven domestic oil tankers are currently stuck in the Strait of Hormuz,” Kim said. “They called for countermeasures for the stranded vessels and also asked for support measures such as refund programs given the restructuring pressures faced by the refining sector.”

Among the seven vessels, one crude oil tanker is carrying about 2 million barrels of oil, equivalent to Korea’s daily crude consumption.

Industry representatives urged the government to develop detailed response scenarios based on sector-specific crude demand and prepare contingency plans.

“Seven ships are stuck near the strait and cannot move into routes returning to Korea,” said a business source who asked for anonymity. “If the situation persists, it could disrupt the country’s crude oil supply.”

An emergency meeting between the Democratic Party and business leaders regarding the war in Iran is being held at the National Assembly in Yeouido, western Seoul, on March 5. [NEWS1]

The Strait of Hormuz is a critical shipping route, through which roughly 27 percent of global seaborne oil trade passes. Although the strait is about 55 kilometers (34 miles) wide, the navigable channel for oil tankers is less than 10 kilometers, all within Iranian territorial waters.

Korea relies heavily on the region for its oil supply. As of last year, 69.1 percent of Korea’s crude imports came from the Middle East, and more than 95 percent of those shipments passed through the Strait of Hormuz. As a result, a prolonged closure of the strait could significantly affect domestic industries that depend on Middle Eastern crude.

“If the Strait of Hormuz remains closed for a long period, transportation costs per liter will rise and there will be a greater burden in diversifying supply sources,” Kim said, adding that even if alternative shipping routes are secured, higher transportation costs would be unavoidable.

The meeting also highlighted potential medium-to-long-term concerns for the semiconductor industry — particularly regarding helium, an essential material in semiconductor production. Around 90 percent of Korea’s supply of helium is imported from the Middle East.

Kim noted that several data centers were scheduled to be built in the United Arab Emirates (UAE), and delays caused by the regional situation could disrupt semiconductor supply and demand.

This photograph features a page on the MarineTraffic website that shows commercial boat traffic on the edge of the Strait of Hormuz near the Iranian coast on March 4. [AFP/YONHAP]

“Disruptions in supplies of key semiconductor materials such as helium sourced from the UAE could affect semiconductor production,” Kim said. “They also expressed concerns that rising oil prices could push up electricity costs in Korea, ultimately raising production costs and undermining price competitiveness.”

Industry leaders also called for more detailed energy supply scenarios covering crude oil and liquefied natural gas (LNG).

“While the government holds energy reserves equivalent to 208 days of supply, there is a need for more concrete contingency plans,” Kim said. “Although the peak winter demand for gas has passed, companies have stressed the need to diversify LNG supply sources given the difficulty of storing LNG.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY CHO MUN-GYU [[email protected]]