Middle East situation suddenly tense, South Korea's imports of crude oil may be blocked.

With the recent US joining Israel in launching military strikes against Iran, tensions in the Middle East have escalated sharply. The potential for shipping through the Strait of Hormuz to be cut off is of great concern. About seventy percent of South Korea's required oil imports come from the Middle East, with the majority of it transported through the Strait of Hormuz. Therefore, South Korea is increasingly worried about its energy security. The South Korean newspaper, Chosun Ilbo, reported that the South Korean Ministry of Planning and Finance convened an emergency meeting on the 23rd to discuss countermeasures and urged multiple departments to remain vigilant, closely monitor the situation in the Middle East, and the import of oil. According to the report, the Strait of Hormuz is the "lifeline of South Korea's oil imports" - about seventy percent of South Korea's required oil supply is imported from the Middle East, and nearly 99% of the oil imported from the Middle East to South Korea is shipped through the Strait of Hormuz. South Korean economic analyst Chae Gyu-yuan said that in the Gulf region, only Saudi Arabia and the United Arab Emirates have a certain amount of pipeline infrastructure that can transport oil without passing through the Strait of Hormuz, but the proportion of oil that these pipeline infrastructures can transport is relatively small, and the importance of the Strait of Hormuz cannot be underestimated. Chae Gyu-yuan said that about 84% of the oil transported through the Strait of Hormuz goes to Asian countries. Therefore, if Iran blocks the Strait of Hormuz, "Saudi Arabia and the Asian markets will be severely affected." This analyst also pointed out that the United States' reliance on Middle Eastern oil has been steadily decreasing in recent years, with only about 7% of its current oil imports being transported through the Strait of Hormuz. Therefore, if the Strait of Hormuz is blocked by Iran, the impact on the United States will not be significant.