On the 5th, Han Jeong-ae, Chairperson of the Policy Committee, is speaking at an emergency consultation meeting on Middle East issues at the National Assembly Members' Office Building. [Yonhap News]Kim Young-bae, a member of the National Assembly for the Democratic Party of Korea, stated on the 5th (KST) that seven oil tankers operated by South Korean oil companies are currently stranded in the Strait of Hormuz.

This week, Iran's Islamic regime threatened to "burn" any oil tankers attempting to pass through the Strait of Hormuz, following a series of airstrikes by the United States and Israel targeting key figures of the regime.

At an emergency consultation meeting organized by the ruling left-wing Democratic Party, Rep. Kim announced that seven South Korean-flagged crude oil carriers belonging to companies such as HD Hyundai Oilbank and GS Caltex are stranded in the Strait of Hormuz and unable to continue their voyages due to the "worsening regional situation."

Rep. Kim Young-bae, the floor leader for the Democratic Party and a member of the National Assembly's Foreign Affairs and Unification Committee, briefed reporters that these issues were discussed at a meeting held at the National Assembly that morning, attended by representatives from the petrochemical, oil refining, and trade industries, titled "Consultation on Current Issues Regarding the Middle East Situation and Tariffs Negotiations with the US."

According to Rep. Kim, each oil tanker carries up to 2 million barrels of crude oil, an amount equivalent to South Korea's daily crude oil consumption. He explained that the total amount of crude oil on the seven stranded tankers is equivalent to South Korea's oil consumption for seven days. Concerns were raised during the consultation about the possibility of a prolonged blockade of the Strait of Hormuz.

It was stated that even if transportation costs per liter increase due to rising oil prices, the burden of increased shipping costs would be unavoidable, even with diversification to transport routes other than the Strait of Hormuz.

According to a report by The Korea Herald, South Korea has reserves of oil sufficient for 208 days of use, including 76.4 million barrels of crude oil in government storage facilities.

Rep. Kim stated, "Although the government has reserves for 208 days of energy, specific scenarios are needed in conjunction with on-site demands." He added, "Fortunately, the peak gas demand season of winter has passed, but the industry has requested diversification of LNG supply and demand, as LNG is difficult to store."

According to Chosun Ilbo, representatives from Samsung Electronics, Hyundai Motor Company, LG, HD Hyundai Oilbank, SK, GS Caltex, Hanwha Ocean, the Korea Federation of Industries, and the Korea International Trade Association attended the emergency meeting.

Rep. Kim said, "The semiconductor industry has expressed concerns that rising oil prices could lead to an increase in domestic electricity rates, ultimately raising production costs and weakening price competitiveness."

He added, "The industry has raised concerns about potential disruptions in semiconductor manufacturing, as 90% of helium, which is essential for semiconductor production, is supplied from the Middle East."

Furthermore, regarding the possibility of US tariff measures against South Korea, Rep. Kim explained that many argued for the passage of the Special Act on Investment in the US on the 12th to minimize uncertainty.

He elaborated that opinions were presented at the consultation meeting to prepare for the potential application of Section 232 of the Trade Expansion Act, which serves as the basis for imposing tariffs on specific items, to the semiconductor industry.

Rep. Kim stated, "The Democratic Party will continue discussions on current issues through the parliamentary standing committees." He added, "A US-Japan summit is scheduled for the 19th, and we have decided to closely manage the situation and cooperate with the industry to ensure that South Korea is not put at a relative disadvantage compared to Japan."

Earlier on the 3rd (Tuesday), President Donald Trump announced in a post on Truth Social that he had directed the US Development Finance Corporation to provide insurance for all maritime trade, particularly energy transportation, at "very reasonable rates."

White House spokesperson Caroline Levitt reiterated these points during a press briefing on the 4th (Wednesday).

President Trump stated, "If necessary, the US Navy will begin escorting oil tankers through the Strait of Hormuz as soon as possible. No matter what, the United States will ensure the free flow of energy around the world."

It was not immediately confirmed whether the South Korean government or companies had requested escort services from the US side.

NNP Chief Editor Hong Seong-gu / Special Dispatch NNP info@newsandpost.com