All-out push to secure crude oil and naphtha must deliver results
2026.04.08 00:00
Presidential Chief of Staff Kang Hoon-sik departed on Tuesday for the Middle East and other regions to secure crude oil and naphtha supplies strained by Iran’s closure of the Strait of Hormuz. Following a visit to the United Arab Emirates last month, Kang is scheduled to travel to Saudi Arabia, Oman and Kazakhstan. The trip reflects a sense of urgency as prospects remain dim for the reopening of Hormuz, a key sticking point in cease-fire talks between the United States and Iran, even as U.S. President Donald Trump threatens to destroy Iran’s infrastructure, including its bridges and power plants.
The supply disruption is already affecting Korea’s economy and daily life. For example, average gasoline prices in Seoul have surpassed 2,000 won per liter ($5 per gallon), raising concerns about broader inflation and logistical bottlenecks. Shortages have begun to appear in unexpected areas, from government-issued trash bags to syrup bottles used for medicine.
Recent developments suggest that both Washington and Tehran view the Strait of Hormuz as a strategic pressure point. Trump said on Monday that reopening the strait is a “very high priority” in negotiations, and Iran appears determined to retain leverage over the passage. As a result, major oil-importing countries, including Korea, China and Japan, are actively seeking alternative sources across global markets.
The current crisis is expected to last for at least several months and could recur, which underscores the need for a more permanent diversification strategy. As of 2024, about 62 percent of Korea’s oil imports passed through the Strait of Hormuz, highlighting the urgency of reducing dependence. The Ministry of Trade, Industry and Resources recently identified 17 potential supplier countries, but its focus must shift from one-time spot purchases to stable, long-term contracts.
Korea should also move quickly to expand purchases of U.S. energy, as agreed during last year’s Korea-U.S. summit. Trump has singled out Korea, along with the European Union and Japan, as not having supported the United States in the current conflict. Increasing imports of U.S. crude oil, which accounted for 16.3 percent of Korea’s total last year, could help stabilize supply while easing potential pressure from Washington on trade and security matters.
Japan has already announced plans to quadruple imports of crude from Texas this year. Korea must respond with similar urgency. As Kang said before his departure, the government should pursue every opportunity, “even if it means securing just one barrel of oil or one ton of naphtha.” The current effort must go beyond symbolic diplomacy and produce tangible results in securing energy stability.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
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