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Seoul raises oil alert level as Middle East tensions threaten supply
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Updated 3 hours ago
First seen March 18, 2026 16:35:26Stay on top of this story
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Quick Summary
South Korea on Wednesday raised its oil resource security alert, warning that the war in the Middle East is heightening risks to supply and pushing up global prices. Seoul has also decided to import a total of 24 million barrels of crude from the United Arab Emirates, equivalent to more than eight times the country’s daily consumption, in a move aimed at stabilizing supply. Iran has responded to the US-Israeli attacks by blockading the Strait of Hormuz, a vital sea lane for oil and gas. The supp