South Korea Shifts to Red Sea Route for Oil Imports Amid Hormuz Disruptions

Since the Iran war disrupted Strait of Hormuz shipments in early March, South Korea has increasingly relied on the Red Sea route and Saudi Arabia's Yanbu terminal for crude oil and naphtha imports. Before the conflict, 61% of South Korea's crude and 54% of its naphtha came via Hormuz. The South Korean Ministry of Oceans and Fisheries confirmed the 14th successful crude shipment via the Red Sea, calling it the most realistic option while Hormuz remains unstable. However, the route faces potential risk from Iran-aligned Houthis in Yemen, who may close the Bab el-Mandeb Strait on IRGC orders. South Korea, a major Asian economy and energy importer, continues diversifying its supply sources.