Amid U.S. and Israeli strikes on Iran that killed Supreme Leader Ayatollah Ali Khamenei, the Korean government stated that oil and gas supplies remain stable for now. Emergency meetings confirmed reserves of several months' worth of oil and gas exceeding mandatory levels. However, preparations are underway for potential risks from the Strait of Hormuz closure, including alternative routes and support measures.
On March 1, 2026, South Korea's Ministry of Trade, Industry and Resources held an emergency meeting to assess the economic impact of U.S. and Israeli strikes on Iran. The joint operation, which began Saturday local time, reportedly killed Iran's Supreme Leader Ayatollah Ali Khamenei. Attendees included officials from the foreign, energy, and oceans ministries, as well as state-run entities like the Korea National Oil Corp., Korea Gas Corp., and Korea Electric Power Corp.
The government confirmed that oil and gas imports from the Middle East remain largely unaffected. Over 70 percent of Korea's crude oil comes from the region, primarily Saudi Arabia, with natural gas imports at about 20 percent, mostly from Qatar. Strategic oil reserves can last several months, and gas stockpiles exceed mandatory requirements. If the crisis prolongs and private inventories drop below thresholds, reserves will be released into the market.
Iran has closed the Strait of Hormuz, blocking oil tanker passages, but Korean authorities noted that since the 2023 Red Sea crisis, major vessels have rerouted around the Cape of Good Hope, posing no immediate threat to energy logistics. Prolonged instability could raise oil prices and freight costs, affecting exports to the Middle East, which account for less than 3 percent of total shipments.
Support measures for exporters include liquidity aid and logistics cost assistance via vouchers. The ministry established a task force on Saturday for real-time monitoring. "If the crisis persists, it could drive up oil prices and logistics costs, with significant impact," the government stated.
