South Korea struggles for oil and its secure supply

South Korea is trying to mitigate the effects of rising tensions in the Strait of Hormuz region, which is key to global oil supplies. Finance Minister Koo Yun-cheol held talks with Gulf ambassadors on securing stable energy supplies and protecting Korean ships in the region.

Seoul has asked the Gulf Cooperation Association states to guarantee supplies of oil, LNG or other strategic raw materials.

The diplomats also assured that South Korea is among the priorities and pledged close cooperation. The Iran-US conflict with Israel has severely disrupted shipping. The Strait of Hormuz, through which one-fifth of the world's oil used to pass, is reportedly virtually closed.

(reuters, mja)