South Korea Secures Over 90% of September Crude Oil Imports on July 21 Amid US-Iran Tensions

According to South Korea's Ministry of Industry and Trade (Yonhapinfomax), the government has secured over 90% of its September crude oil imports compared to the previous year as of July 21, with July and August supplies reaching over 110% of the previous year's average. Six Korean-bound tankers have passed through the Strait of Hormuz since the US-Iran ceasefire agreement on June 17, with three already arrived and the remaining three expected within the week.

Amid escalating US-Iran tensions, concerns have emerged that both the Strait of Hormuz and the Red Sea could face blockades. However, the ministry stated crude oil supplies face no significant constraints through September, and even if the Red Sea were closed, alternative routes such as the Suez Canal would mitigate impacts. Emergency measures, including resumption of strategic petroleum reserve swap programs, are not immediately necessary but remain under consideration depending on future developments.