SEOUL: South Korea will send five Korean-flagged ships to Yanbu port in Saudi Arabia to avoid oil supply disruptions from Hormuz closure due to US-Israeli strikes on Iran. Prices have surged, hitting 70% imported crude. Special envoys to secure additional supplies sent to Saudi Arabia, Oman, and Algeria. Government proposes US$17.2B budget to mitigate economic impact.
Energy ministry urges public to conserve energy to manage rising costs.