The last oil tanker to pass through the Strait of Hormuz before its blockade arrived in South Korea on Sunday, as concerns over crude oil supply disruptions become reality with Middle Eastern imports expected to halt for the foreseeable future.
'Last Passage' Tanker Docks With Single Day's Consumption
The tanker Eagle Valour docked at Daesan Port in Seosan, South Chungcheong Province, on Sunday afternoon, according to the refining industry.
The vessel is carrying approximately 2 million barrels of crude oil—equivalent to just one day of domestic consumption.
Eagle Valour departed Al Basra, Iraq on March 26 and was transiting the Strait of Hormuz on March 28 when Iranian airstrikes occurred. The ship reportedly continued sailing despite Iranian warnings and escaped the strait just before the blockade took effect.
With the subsequent closure of the strait, the vessel became effectively the last tanker to pass through Hormuz.
The cargo, contracted by HD Hyundai Oilbank, will be refined at the Daesan Petrochemical Complex after unloading.
No Arrivals Scheduled After April—Stockpile Reliance Inevitable
The concern now turns to future supply. With approximately 70% of Korea's crude imports transiting the Strait of Hormuz, refiners face effectively empty tanker arrival schedules from April onward following the blockade.
Companies will have no choice but to rely on existing inventories to meet demand for the time being.
The government has secured 24 million barrels of crude from the United Arab Emirates, but delivery will take considerable time as shipments must bypass the Strait of Hormuz.
Alternative routes such as Saudi Arabia's Yanbu Port also remain exposed to geopolitical risks, sustaining concerns over transportation stability.
Government Weighs Strategic Reserve Release, Export Restrictions
The government has begun formulating response measures to stabilize crude supply.
A coordinated release of 22.46 million barrels from strategic reserves with the International Energy Agency is under review, and discussions on importing Russian crude are also underway.
However, the government maintains a cautious stance on tapping strategic reserves. Vice Minister of Trade, Industry and Energy Moon Sin-hak said on CBS Radio's "Park Sung-tae's News Show" on Sunday: "Strategic reserves are a last resort for emergency situations, so we plan to use them only if necessary after implementing all other supply measures."
Direct market interventions, including restrictions on petroleum exports by refiners and supply adjustment orders, are also being discussed.
"Our top priority is ensuring no disruption to the public's economic activities," Moon said, adding that additional measures could be implemented if necessary.