South Korea Maintains Stable Oil Supply Amid Maritime Blockades

South Korea's Ministry of Trade, Industry and Energy assured that the supply of crude oil remains stable despite the resurgence of maritime blockades, mainly in the Straits of Hormuz and Bab el-Mandeb.

Through a statement, the ministry reported that "South Korea has already secured, for July and August, a volume of crude oil equivalent to 110 percent of last year's level, while for September the figure reaches 90%."

Furthermore, the aforementioned ministry stated that six oil tankers bound for South Korea have crossed the Strait of Hormuz since the United States and Iran signed a memorandum of understanding for peace in June, and that three of them have already arrived in the country.

Finally, it was added that "concern in the oil industry has increased due to the possibility of transit disruptions through the Red Sea, an important alternative route to the Strait of Hormuz, after Houthi rebels in Yemen, backed by Iran, vowed to impose a maritime blockade on Saudi Arabia."