South Korea draws Gulf oil storage interest as Hormuz stays closed

AI Summary

Increasing interest from Middle Eastern oil producers is being observed in South Korea's crude oil storage amidst ongoing concerns regarding the Strait of Hormuz's blockade. This situation is impacting global oil supply chains significantly.

South Korea is drawing growing interest from Middle Eastern oil producers seeking to store crude oil at the country’s petroleum reserve bases, the world’s sixth largest, amid a prolonged blockade of the Strait of Hormuz, a South Korean official and an expert on the matter have said. The strait’s closure in the wake of the US-Israel war on Iran has taken a toll not only on South Korea and other nations dependent on oil imports but also oil-producing countries whose storage tanks are filling up...