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With no official fee requests from Iran for Hormuz passage, Korea shores up alternate supplies

Published: 09 Apr. 2026, 18:40

Cargo ships in the Gulf, near the Strait of Hormuz, as seen on March 11 from northern Ras al-Khaimah, amid the U.S.-Israeli war with Iran. [REUTERS/YONHAP]

Korea has yet to receive any official request from Iran on fees for passage through the Strait of Hormuz, an official said Thursday, adding that the government is still working to understand the situation surrounding the major shipping route amid a fragile two-week cease-fire between the United States and Iran.

“There has been no request from Iran for transit fees or payments,” Yang Ghi-wuk, deputy minister for trade, industry and resource security, said in a regular press briefing on energy supply, when asked about media reports that Iran is demanding fees in cryptocurrency or Chinese yuan for ships passing through the strait.

It is too early to determine whether Iran would actually charge fees and how the international community would respond to such a move, Yang explained, noting that domestic fuel prices may go up by up to 1 percent should such fees be charged.

Regarding the status of the Hormuz strait and conditions for safe passage, the deputy minister said the Foreign Ministry was trying to communicate with Iran on the matter but that he has not yet been informed of any meaningful progress.

The government is continuing its efforts to secure alternative crude supplies, with 50 million barrels secured for April and 60 million barrels for May, according to Yang. Supplies for the months afterward are also being secured.

The volumes secured for April and May account for about 60 percent and 70 percent, respectively, of Korea's usual monthly import level of 80 million barrels, the Trade Ministry said earlier.

Supplies of materials for industries and daily necessities, such as helium, ethylene gas and others, are facing no major disruptions, according to the ministry.

Yonhap