Seoul convenes emergency meetings as stalled Gulf energy flows raise inflation and policy risk concerns

South Korea convened an emergency interagency meeting on Sunday after commercial shipping traffic through the Strait of Hormuz slowed sharply following U.S. and Israeli strikes on Iran and subsequent warnings from Iranian forces. Prime Minister Kim Min-seok instructed ministries to prioritize energy supply stability and the protection of South Korean nationals in the region, the foreign ministry said. No Korean casualties have been reported.

Major carriers and energy traders have suspended or delayed transits through the strait, and marine insurers have raised war-risk premiums, according to shipping and industry sources. Oman’s Maritime Security Center reported on Sunday that unidentified persons had attacked an oil tanker in the strait. South Korea, which imports the bulk of its crude oil and liquefied natural gas from the Middle East, is monitoring stockpile levels and vessel movements while reviewing contingency evacuation plans for citizens in affected countries. Oil prices rose in volatile trading as markets assessed the disruption.

South Korea convened an emergency interagency meeting on Sunday after commercial shipping traffic through the Strait of Hormuz slowed sharply following U.S. and Israeli strikes on Iran and subsequent warnings from Iranian forces. Prime Minister Kim Min-seok instructed ministries to prioritize energy supply stability and the protection of South Korean nationals in the region, the foreign ministry said. No Korean casualties have been reported.

Major carriers and energy traders have suspended or delayed transits through the strait, and marine insurers have raised war-risk premiums, according to shipping and industry sources. Oman’s Maritime Security Center reported on Sunday that unidentified persons had attacked an oil tanker in the strait. South Korea, which imports the bulk of its crude oil and liquefied natural gas from the Middle East, is monitoring stockpile levels and vessel movements while reviewing contingency evacuation plans for citizens in affected countries. Oil prices rose in volatile trading as markets assessed the disruption.

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