July and August imports secured at more than 100% of last year’s average
South Korea’s 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, and that contracted supplies for September had reached about 74% of the year-earlier level.
The government said crude oil supply remains stable despite heightened tensions in the Middle East, with tankers carrying oil to the country continuing 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 on June 17. Three of the vessels were tentatively scheduled to arrive Thursday and Friday, the ministry said.
The announcement comes as markets closely watch 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%.