South Korea strikes crude oil deal with UAE

South Korea struck a deal Friday to ship around four million barrels of oil from the United Arab Emirates, bolstering supplies as the US-Israel war on Iran upends energy markets. South Korea struck a deal Friday to ship around four million barrels of oil from the United Arab Emirates, bolstering supplies as the US-Israel war on Iran upends...

• South Korea struck a deal Friday to ship around four million barrels of oil from the United Arab Emirates, bolstering supplies as the US-Israel war on Iran upends energy markets.
• South Korea struck a deal Friday to ship around four million barrels of oil from the United Arab Emirates, bolstering supplies as the US-Israel war on Iran upends energy markets.Iran claims it is now in control of the crucial Strait of Hormuz, the Gulf chokepoint through which a fifth of the world’s crude oil flows.Heavily reliant on oil shipped through the strait, South Korea said it had dispatched tankers to secure alternative supplies of fuel.“We plan to immediately berth two South Korean-flagged oil tankers — each with a capacity of 2 million barrels — at alternative ports within the UAE that do not require passage through the Strait of Hormuz,” said presidential chief of staff Kang Hoon-sik.Seoul also secured a pledge that “up to 2 million barrels from the jointly held strategic reserves that the UAE stores in South Korea can be made available at any time upon request,” Kang said.South Korea is the fourth-largest importer of crude oil in the world, according to US government figures.About 70 percent of the crude oil South Korea imports passes through the Strait of Hormuz, according to the government.
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