South Korea Obtains 18 Million Barrels of UAE Oil Amid Hormuz Disruption Concerns

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South Korea Secures 18 Million Barrels from UAE Amid Hormuz Crisis

FILE PHOTO: 3D-printed oil pump jacks, Iranian flag, and a rising stock graph appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

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Firstpost•18-03-2026, 12:09

South Korea Secures 18 Million Barrels from UAE Amid Hormuz Crisis

•South Korea will receive an additional 18 million barrels of oil from the United Arab Emirates.
•This move aims to stabilize energy needs as West Asia tensions disrupt key energy routes and push oil prices higher.
•Around 70% of South Korea’s crude oil imports pass through the Strait of Hormuz, which Iran has effectively closed.
•The shipments will be delivered via diversified supply channels, with 6 million barrels on UAE-flagged vessels and 12 million on Korea-flagged vessels.
•South Korea has also secured an agreement for emergency crude oil purchases from the UAE and access to jointly held strategic reserves.

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