Iran War Disrupts Global Oil Supplies, South Korea Secures UAE Alternatives

South Korea secures 18 million additional barrels of oil from the UAE to bypass the closed Strait of Hormuz, which Iran has blocked since February 28. About 70% of South Korea's crude oil imports pass through this critical route, disrupted by US-Israeli strikes. The UAE will supply six million barrels via UAE-flagged vessels and twelve million barrels on Korea-flagged vessels through diversified channels. This follows a deal allowing emergency oil purchases and access to UAE-held reserves in South Korea. The war has prompted South Korea's first fuel price cap in nearly 30 years. Global oil prices rise as Iran's conflict disrupts supplies.

SOURCE: https://www.channelstv.com/2026/03/18/south-korea-secures-extra-18m-barrels-of-oil-from-uae/