Oil Supply
South Korea secures 273 million barrels of crude oil, 2.1 million tons of naphtha by year-end
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Presidential chief of staff Kang Hoon-sik announced that South Korea has secured 273 million barrels of crude oil and 2.1 million tons of naphtha by year-end from four nations: Oman, Saudi Arabia, Qatar and Kazakhstan. The volumes equate to more than three months of oil and one month of naphtha based on last year's consumption. The supplies will be shipped via alternative routes avoiding the blockaded Strait of Hormuz.
Tokyo stocks declined for a third consecutive day as tensions escalated in the Middle East over Iran. Bank of Japan Governor Kazuo Ueda warned of significant potential impacts on the economy, while the government stated there would be no immediate disruptions to oil supplies.
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As Middle East tensions worsen after U.S. and Israeli strikes on Iran—with no Korean casualties reported—South Korea is prioritizing evacuations for 21,000 nationals in the region, stabilizing plunging markets, and securing oil amid Strait of Hormuz closure fears. This follows initial assurances of stable energy supplies.