South Korea secures 74% of September crude oil needs
· UPIJuly 16 (Asia Today) -- South Korea has secured crude oil supplies for September equivalent to 74% of last year's level as renewed military tensions between the United States and Iran raise concerns about energy shipments through the Strait of Hormuz, the government said Thursday.
The Ministry of Trade, Industry and Energy said during a daily briefing by its Middle East conflict response headquarters that the country had secured more than 100% of its average crude oil imports for July and August compared with last year.
Contracted supplies for September are also steadily increasing and have reached about 74% of the year-earlier level, the ministry said.
The government said South Korea's crude oil supply remains stable despite heightened tensions in the Middle East. Tankers carrying oil to the country continue to travel normally through the Strait of Hormuz.
Six tankers have passed through the strait on their way to South Korea since the United States and Iran signed a preliminary cease-fire agreement June 17. Three of the vessels were tentatively scheduled to arrive Thursday and Friday.
Markets, however, are closely watching developments in the Middle East after the United States announced plans to resume a naval blockade of Iranian ports and conduct additional airstrikes.
Renewed concerns about possible disruptions around the Strait of Hormuz, a key route for global oil shipments, have placed upward pressure on international energy prices.
Brent crude rose 0.1% Wednesday to $84.95 a barrel while West Texas Intermediate crude gained 0.5% to $79.60 a barrel.
Dubai crude fell 4.7% to $79.29 a barrel as investors took profits after the benchmark surged 15% the previous day.
Natural gas prices also increased. The Asian Japan-Korea Marker rose 3.9%, Europe's Title Transfer Facility benchmark gained 2.9% and the U.S. Henry Hub benchmark climbed 0.7%.
-- Reported by Asia Today; translated by UPI
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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260716010006116