South Korea

South Korea faces significant vulnerability due to its 99% oil import dependency and direct exposure to the Strait of Hormuz, with 72% of crude imports originating from the Middle East. Gasoline prices have surged to $2.04/L, impacting consumers and industries. While the country maintains 112 days of oil reserves, discussions around rationing measures highlight the severity of the supply disruption. The outlook for coming weeks suggests continued pressure on energy supplies and potential for further economic strain as the conflict persists.