The Ministry of Trade, Industry and Resources said refiners had secured crude for July and August equivalent to more than 110 percent of last year's average import volume. Bookings for September have continued to rise and already exceed 90 percent of the volume imported during the same period last year.
"We have confirmed that there should be no major problem with crude oil supplies through September," said Yang Ki-wook, a senior official at the ministry.
"Even if the Red Sea is blocked, we do not expect any particular difficulty."
The assurances came after Yemen's Iran-aligned Houthi movement declared a maritime blockade against Saudi Arabia the previous day, raising fears that ships carrying Saudi exports could face attacks or restrictions near the Bab el-Mandeb Strait, the narrow gateway linking the Red Sea with the Gulf of Aden and the Indian Ocean.
The Houthis said the blockade took effect immediately in retaliation for what they described as Saudi Arabia's siege of Yemen. Saudi Arabia condemned the announcement and began taking measures to protect commercial vessels using its shipping routes.
The threat is particularly significant because the Red Sea has served as an alternative outlet for Saudi crude while passage through the Strait of Hormuz remains vulnerable to the conflict involving the United States and Iran.
Saudi Arabia can move crude through its East-West Pipeline from fields near the Persian Gulf to the Red Sea port of Yanbu, allowing exports to bypass Hormuz. Ships bound for Asian markets, however, must then pass through the Bab el-Mandeb Strait at the southern end of the Red Sea. A disruption there could sharply reduce the value of the Saudi bypass route and force tankers onto much longer voyages.
Oil flows through Bab el-Mandeb averaged about 5.4 million barrels per day in the first quarter of 2026. By comparison, roughly 20 million barrels of oil and petroleum products passed through the Strait of Hormuz each day in 2024, equivalent to about one-fifth of global consumption.
The ministry said vessels were continuing to operate normally in the Red Sea and that officials were monitoring conditions in real time.
"If the Red Sea is blocked, the situation would become more difficult," Yang said. "But because that has not materialized, we are not taking any immediate action. Should problems arise, we would have to devise alternative means, including routes involving the Suez Canal."
The latest escalation comes after a brief period of easing tensions following a June 17 memorandum of understanding (MOU) between Washington and Tehran aimed at ending their hostilities. The situation deteriorated again in July after Iran announced renewed restrictions around Hormuz and the United States resumed military action against Iranian targets.
Of six South Korea-bound tankers that passed through Hormuz after the June agreement, three have already reached the country, while the remaining three are expected to arrive this week, the ministry said.
South Korea remains highly exposed to disruptions in Middle Eastern energy supplies because it produces virtually no crude oil domestically and operates one of Asia’s largest refining and petrochemical industries. Middle Eastern suppliers accounted for about 69.9 percent of the country's crude imports in 2025, despite efforts to expand purchases from the United States and other regions.
The government began allowing domestic refiners to borrow crude from national reserves in March under the country's first strategic oil swap program. Refiners receiving reserve oil are required to return the same amount after their delayed overseas shipments arrive. The measure was introduced after the Hormuz crisis disrupted tanker movements and increased the risk of temporary shortages at individual refineries.
Korea National Oil Corp. held about 100 million barrels of government crude and petroleum reserves at the end of 2025, excluding stocks stored under joint arrangements with foreign producers. Its nine storage facilities have a combined capacity of about 146 million barrels.
Officials said there was no immediate reason to resume the swap program because refiners had secured more than their normal crude requirements for July and August. The government could nevertheless reactivate the measure if the Middle East conflict drags on or shipping conditions deteriorate further.
South Korea has also sought to strengthen direct supply arrangements with oil-producing countries. Earlier this month, the government and the United Arab Emirates' state-owned Abu Dhabi National Oil Co. agreed to expand cooperation on long-term crude supply, emergency coordination and oil storage in South Korea. The agreement followed a UAE pledge in March to provide up to 24 million barrels of crude.
The government said it would continue tracking tanker movements, refinery inventories and international oil prices while considering additional cargoes from outside the Middle East.
The widening risks around both Hormuz and Bab el-Mandeb have highlighted the limits of relying on a single alternative route, even as officials maintain that South Korea has enough contracted supplies and emergency reserves to withstand a short-term disruption.
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