Middle East Oil Supply Stalled, South Korea Raises Energy Alert

South Korea raised its energy security alert status to the second highest level after oil supplies from the Middle East began to be disrupted. Citing Anadolu Agency (AA), Thursday, April 2, the Seoul government assessed that the disruption was no longer just a threat in the market, but had begun to be felt in real supplies in the country.

The South Korean Ministry of Trade, Industry, and Energy said the new alert status took effect at midnight Wednesday. The decision was made after the war in the Middle East lasted a month and world oil prices continued to move wildly.

The government said the domestic supply disruption began to manifest as crude oil imports through the Strait of Hormuz ceased for more than 10 days since the route was effectively closed on March 1. The last tanker from the strait arrived in South Korea on March 20.

Still launching AA, Seoul's dependence on the region is indeed large. In 2024, about 55 percent of South Korea's energy products come from the Middle East, with a value of around 144 billion US dollars. That's why any disruption in Hormuz immediately hits the country's energy calculations.

Regional tensions have increased since Israel and the United States launched a joint attack on Iran on February 28. According to the report, the attack killed more than 1,340 people, including the then Supreme Leader of Iran, Ayatollah Ali Khamenei.

Iran then retaliated with drone and missile attacks on Israel, Jordan, Iraq, as well as Gulf countries hosting US military assets. The attacks caused casualties, damaged infrastructure, and disrupted global markets and flights. At least 13 US military personnel were reported killed and dozens more wounded in the ongoing conflict.

In this situation, Iran is said to still hold effective control over the Strait of Hormuz, a vital energy supply route for many Asian countries. Tehran only allows ships from countries it calls "friendly countries" to pass through.

Last week, as quoted by AA, South Korean Foreign Minister Cho Hyun asked Iran to guarantee the safety of navigation in the strait. Iran's ambassador to Seoul, Saeed Koozechi, said South Korean ships could still cross Hormuz, but they must first coordinate with Iranian authorities.