S. Korea's Crude Oil Imports Drop 14.7% since Iran War, Payment Jumps over 20%

Economy S. Korea's Crude Oil Imports Drop 14.7% since Iran War, Payment Jumps over 20% Written: 2026-07-25 13:21:00 / Updated: 2026-07-25 13:28:12 Share Print Photo : YONHAP News South Korea's imports of crude oil dropped since the outbreak of the Iran war in late February, but the amount paid jumped more than 20 percent.

According to data from the Korea International Trade Association Saturday, the cost of the country's crude oil imports totaled 30-point-23 billion U.S. dollars between March and June, up 21-point-one percent from a year earlier.

The import volume, however, fell 14-point-seven percent on-year from 45-point-one million tons to 38-point-five million tons. The on-year changes reflect a reduction in crude supply from the Middle East amid a shutdown of the Strait of Hormuz, which also drove up global oil prices. South Korea has secured crude supplies at 110 percent of last year's average between July and August, and over 90 percent of the average for September, but concern is rising that the shipping route in the Red Sea may be disrupted amid a blockade declared by Yemen’s Iran-aligned Houthi rebels.

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