South Korea has reached a deal with the United Arab Emirates to secure around four million barrels of oil amid disruptions in global energy markets caused by the US-Israel conflict with Iran.
Iran claims control of the Strait of Hormuz, a key shipping route through which about a fifth of the world’s crude oil flows.
To avoid disruption, South Korea has dispatched two tankers, each carrying 2 million barrels, to alternative UAE ports that do not require passage through the strait.
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The deal also includes access to up to 2 million barrels from UAE strategic reserves stored in South Korea, available on request.
South Korea is the world’s fourth-largest crude oil importer, with roughly 70 percent of its imports passing through the Strait of Hormuz.