South Korea will send five Korean-flagged ships to the Saudi Arabian Red Sea port of Yanbu to help establish alternative oil supply routes to avoid the disruption in the Strait of Hormuz, a ruling MP said on Monday.
Oil prices have surged amid the US-Israeli war on Iran, raising growth and inflation risks for South Korea, which relies on Middle Eastern crude for around 70 per cent of its imports.
Iran has effectively closed the Strait of Hormuz – a critical route for global crude oil and gas –…
Iran war: South Korea aims to bypass Hormuz, send ships to Saudi port for oil
