Korea Joongang Daily
Korea JoongAng Daily

Korean-managed tanker slips through Strait of Hormuz with 2 million barrels of crude: Report

A Korean-managed supertanker slipped through the blockaded Strait of Hormuz with its tracking system switched off while carrying 2 million barrels of crude, Reuters reported Monday.

2026-05-12

Why is Korea returning to Venezuelan oil after 23-year hiatus?

Korea is moving to import Venezuelan crude for the first time in 23 years, despite the oil’s notoriously difficult refining profile compared to conventional grades.

2026-05-11

Budget, full-service airlines reduce routes, free baggage allowances to offset surging jet fuel prices

Both budget and full-service domestic airlines are reducing the number of flights and free baggage allowances to offset mounting losses from a surge in jet fuel prices, caused by the conflict in the Middle East.

2026-05-11

Budget airlines cut int'l flights, furlough crews as fuel prices soar

Korea's budget airlines have slashed nearly 900 round-trip international flights in the past two months and furloughed cabin crew as surging jet fuel prices, driven by the ongoing conflict in the Middle East, squeeze the industry.

2026-05-10

Fear of rising prices fuels 'gas pilgrims' to seek cheapest stations, fill up more

Drivers are increasingly traveling to fill up at cheaper gas stations amid rising fuel prices, changing fueling habits and increasing transaction sizes.

2026-05-10

Fourth Korean oil tanker successfully transits through Red Sea

A Korean vessel has successfully passed through the Red Sea and is currently en route home, marking the fourth oil shipment of its kind, the oceans ministry said Friday.

2026-05-08

First Korean oil tanker to take alternative Red Sea route arrives in South Jeolla

The first Korean oil tanker to pass through the Red Sea — an alternative route following the closure of the Strait of Hormuz — arrived in Yeosu, South Jeolla, on Thursday.

2026-05-08

Government extends fuel price caps to mitigate financial strain on consumers

The government froze the price ceilings on fuel products for the third consecutive time Thursday, in the face of continued volatility in global energy prices.

2026-05-07

Korea secures 210 million barrels of Saudi, U.S. crude oil, counters Iran war supply shocks

Korea secured roughly 210 million barrels of crude oil through July — more than 80 percent of the volume imported over the same period last year, despite massive supply shocks due to the Iran war.

2026-05-07

Lee prioritizes price stabilization, warning oil volatility could weigh on livelihoods

President Lee Jae Myung called price stabilization the government’s top priority on Thursday, warning that prolonged instability in global oil prices could weigh on consumer sentiment and a broader economic recovery.

2026-05-07