South Korea Saved by UAE, Gains Queue-Free Oil Access Amid Global Blockade
The South Korean government has successfully secured a crucial commitment from the United Arab Emirates (UAE) to become the top priority recipient of energy supplies amid global shipping disruptions. This agreement serves as a “lifeline” for Seoul, as 70% of its energy import routes are severed due to the total closure of the Strait of Hormuz.
Chief of Presidential Staff and Special Envoy for Strategic Economic Cooperation, Kang Hoon-sik, emphasised that South Korea now holds the top position in the UAE’s oil distribution list.
This outcome stems from high-level diplomacy via a personal letter from President Lee Jae-myung to UAE President Mohammed bin Zayed Al-Nahyan.
In his official statement, Kang Hoon-sik revealed explicit clauses in the agreement guaranteeing national energy resilience.
“It is clearly stated that no country will receive oil before South Korea. We are the top priority,” Kang asserted, as quoted by Antara on Thursday (19/3).
This aggressive move follows a surge in global crude oil prices, now at critical levels.
Brent oil prices have jumped 3.44% to US$111.07 per barrel, while WTI has breached US$98.61 per barrel, due to escalating conflicts in the Middle East heating up in March 2026.
To address the deadlock at the de facto closed Strait of Hormuz for commercial shipping, the two countries have agreed on emergency deliveries of 18 million barrels of oil via various alternative routes avoiding conflict zones.
Combined with previous shipments, the total emergency supply secured by South Korea reaches 24 million barrels.
The delivery logistics will involve giant tanker fleets from both nations.
In addition to crude oil, one tanker carrying naphtha—a vital raw material for South Korea’s petrochemical industry—is reportedly en route to the peninsula. This step is crucial, given that the KOSPI index has come under pressure due to concerns over industrial raw material supplies.
Beyond mere trade transactions, this agreement reinforces the strategic “Century Alliance” partnership, strengthened since late last year. Besides energy guarantees, the UAE has also played a key role in facilitating the safe evacuation of South Korean citizens from the Gulf region.
Looking ahead, Seoul and Abu Dhabi have agreed to explore long-term cooperation through a memorandum of understanding (MoU) to establish a permanent oil supply chain resilient to global disruptions. This initiative is viewed as South Korea’s effort to break free from dependence on conventional shipping routes vulnerable to geopolitical sabotage in the future.