South Korea has not received Iran's request for the cost of crossing the Strait of Hormuz

A man walks along the beach as oil tankers and cargo ships line up in the Strait of Hormuz, seen from Khor Fakkan, United Arab Emirates, Wednesday, March 1, 2026. (Altaf Qadri - AP Photo)

South Korea said it had not received any official request from Iran regarding the cost of passing through the Strait of Hormuz. At the same time, the government is still monitoring the situation in the important shipping lane amid the fragile two-week ceasefire between the United States and Iran.

Quoted from Yonhap, Thursday, April 9, the statement was made by South Korea's Deputy Minister of Trade, Industry, and Resource Security, Yang Ghi-wuk, at a regular press conference on energy supply on Thursday.

"There has been no request from Iran regarding transit fees or payments," Yang said. He responded to media reports that Tehran had asked for payment in cryptocurrencies or China's yuan from ships passing through the Strait of Hormuz.

According to Yang, it is too early to determine whether Iran will actually impose the fee and how the international community will respond if that happens. He also said fuel prices in South Korea could rise by up to 1 percent if such a levy were actually imposed.

Regarding the condition of the Strait of Hormuz and the conditions for safe navigation, Yang said the South Korean Foreign Ministry was still trying to communicate with Iran. However, until now he has not received any information regarding significant developments.

The South Korean government is also continuing to prepare alternative crude oil supplies. For April, 50 million barrels have been secured. For May, the number is 60 million barrels. Supplies for the following months are also being prepared.

The volumes secured for April and May were equivalent to around 60 percent and 70 percent of South Korea's normal monthly import rate of 80 million barrels, according to a Yonhap report.

The South Korean Ministry of Trade also said that supplies of materials for industries and daily necessities, such as helium and ethylene gas, have so far not experienced major disruptions.