Seoul: Presidential Chief of Staff Kang Hoon-sik embarked on an urgent mission on Tuesday to the Middle East and other regions to secure crude oil and naphtha supplies. This move comes in response to the strained supply caused by Iran's closure of the Strait of Hormuz. Following his visit to the United Arab Emirates last month, Kang's itinerary includes Saudi Arabia, Oman, and Kazakhstan, reflecting the critical need to address this energy crisis.
According to Yonhap News Agency, the closure of the Strait of Hormuz has already begun to impact Korea's economy significantly. In Seoul, gasoline prices have skyrocketed, surpassing 2,000 won per liter, equivalent to $5 per gallon, sparking fears of inflation and logistical issues. The disruption has led to shortages in unexpected areas, such as government-issued trash bags and syrup bottles used in medicine.
The strategic significance of the Strait of Hormuz has not gone unnoticed by Washington and Tehran. U.S. President Donald Trump emphasized reopening the strait as a top priority, while Iran remains determined to leverage its control over the passage. This geopolitical tension has prompted major oil-importing nations, including Korea, China, and Japan, to actively seek alternative sources in global markets.
The ongoing crisis, expected to persist for several months, highlights the necessity for Korea to diversify its energy supply sources permanently. A staggering 62 percent of Korea's oil imports currently transit through the Strait of Hormuz, underscoring the urgency to reduce this dependency. The Ministry of Trade, Industry, and Resources has identified 17 potential supplier countries, but the focus must shift from sporadic purchases to stable, long-term contracts.
Korea is also urged to accelerate its purchase of U.S. energy, as previously agreed during the Korea-U.S. summit. Trump has criticized Korea, alongside the European Union and Japan, for inadequate support in the current conflict. Increasing imports of U.S. crude oil, which constituted 16.3 percent of Korea's total imports last year, could stabilize supply and alleviate potential pressure from Washington regarding trade and security issues.
Japan's recent announcement to quadruple its crude imports from Texas this year sets a precedent that Korea is encouraged to follow. As Kang emphasized before his departure, the government's strategy should be comprehensive and proactive, even if it means securing minimal quantities of oil or naphtha. The current efforts must transcend symbolic diplomacy and yield concrete results in ensuring energy security.