Seoul, April 14, 2026 - South Korean President Lee Jae Myung has warned that ongoing tensions in the Strait of Hormuz, amid the U.S. naval blockade of Iranian ports, will lead to persistently high oil prices and prolonged disruptions to global energy and raw material supply chains.
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Speaking at a cabinet meeting on Tuesday, President Lee stated that it is difficult to be optimistic about the fallout from the current Middle East conflict. He emphasized that the government must treat prolonged disruptions as a given and strengthen its emergency response systems accordingly.
"For the time being, difficulties in global energy and raw materials supply chains and high oil prices will continue," Lee said. He urged ministers to prioritize the development of alternative supply chains, medium- to long-term industrial restructuring, and the transition toward a "post-plastic" economy as strategic national projects.
The warning comes as the U.S. Central Command's blockade of vessels entering or exiting Iranian ports remains in effect following the collapse of US-Iran talks in Islamabad. Although the Strait of Hormuz itself is not fully closed to non-Iranian traffic, shipping activity has dropped sharply, insurance costs have surged, and global oil prices have climbed further, raising concerns for energy-import-dependent nations like South Korea.
President Lee also ordered swift rollout of aid measures to support affected sectors, including increasing diesel cost coverage for truck operators and efforts to secure alternative crude oil imports. Foreign Minister Cho Hyun has been tasked with diplomatic missions to secure energy supplies from countries such as Congo, Algeria, and Libya.
South Korea, which relies heavily on Middle Eastern oil, has already faced challenges with Korean-linked vessels stranded in the region. The government is mobilizing diplomatic resources to ensure their safe return while preparing for various escalation scenarios.
Analysts note that Lee's remarks reflect growing global anxiety over the fragile ceasefire and the risk of renewed escalation in one of the world's most critical energy chokepoints, which handles nearly 20% of daily global oil supplies.
