South Korea has secured 273 million barrels of crude oil and 2.1 million tons of naphtha from Kazakhstan, Oman, and Saudi Arabia to be delivered via routes avoiding the blockaded Strait of Hormuz. The president's chief of staff announced the agreements, which aim to reduce the nation's vulnerability to Middle East disruptions that have strained households and businesses.

Under the deals, Kazakhstan will provide 18 million barrels of crude oil, Oman will supply 5 million barrels of oil and 1.6 million tons of naphtha, while Saudi Arabia will deliver 250 million barrels throughout 2024 plus 500,000 tons of naphtha. These shipments represent a critical shift for South Korea, which relies on 70% of its energy imports through the Hormuz strait.

The announcement follows import price surges unseen in nearly three decades and President Lee Jae Myung's calls for fuel conservation. South Korea, which imports nearly all its energy needs, faces one of the most severe energy security threats in decades. The new supply agreements offer immediate relief from the economic fallout of prolonged Middle East conflict.