South Korea Says Crude Oil Supply Stable Despite Middle East Tensions

According to Yonhap, South Korea's industry ministry said crude oil supply remains stable despite renewed tensions in the Middle East and said it will closely watch major shipping routes in the region. The Ministry of Trade, Industry and Resources said South Korea has secured crude oil volumes equal to 110% of last year's levels for July and August, while September coverage stands at 90%. It said six oil tankers bound for South Korea have passed through the Strait of Hormuz since the United States and Iran signed a memorandum of understanding for peace in June, and three of them have already arrived in the country. Senior ministry official Yang Gi-uk said there are no significant supply concerns through September and that he does not expect major disruptions even if traffic through the Red Sea is blocked. He added that the ministry sees no current issues with Red Sea traffic, is monitoring the situation, and would consider alternative routes, including the Suez Canal, if the route were shut.