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South Korea ships crude via Red Sea as Hormuz disruptions persist

The Ministry of Oceans and Fisheries said a tanker made a Red Sea transit, marking South Korea’s 14th crude shipment using the route since the Mid-East conflict cut trade through Hormuz.

Reported · Written up by our desk · Energy

South Korea is increasingly relying on Red Sea shipments and Saudi Arabia’s Yanbu export terminal as disruptions tied to the Iran war continue to disrupt trade through the Strait of Hormuz, OilPrice reports.

Before the conflict began, cargoes transited via Hormuz accounted for up to 61% of South Korea’s crude oil imports and 54% of its naphtha imports, prompting the country to seek alternative logistics for energy supply.

South Korea’s Ministry of Oceans and Fisheries said on Friday that a South Korean oil tanker successfully transited the Red Sea and is en route to Asia, with crude loaded at Yanbu Port before passing through the Red Sea toward South Korea.

The ministry said this is the 14th crude oil shipment for South Korea to use the Red Sea route since the conflict cut off most trade through Hormuz, and that it considers the Red Sea route the most realistic option for now due to the ongoing situation.

Latest closeWTI crude $79.00 ▼0.8%

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