※ [Global Morning Briefing] summarizes global news delivered by Seoul Economic Daily.
Korean Ship Passes Through Strait of Hormuz for First Time... Tensions Rise After US Seizes Iranian Vessel
The first Korean ship since being stranded following the US-Iran war, a tanker carrying approximately 1 million barrels of crude oil, passed through the Strait of Hormuz and is scheduled to arrive at a domestic port on the 8th of next month.
The Malta-flagged tanker Odessa, whose shipper is HD Hyundai Oilbank, will enter Daesan Port in South Chungcheong Province to unload crude oil, which Hyundai Oilbank plans to refine at its factory. The news, reported by Reuters on the 20th, is drawing attention as the first case of Korea directly importing Middle Eastern crude oil since the blockade.
However, situations far from easing tensions unfolded simultaneously. The trigger was an incident in which the US Navy destroyer Spruance forcibly stopped the Iranian cargo ship Tuska in the Gulf of Oman by firing its cannon to punch a hole in its engine room. US President Donald Trump disclosed this, and the Wall Street Journal (WSJ) reported that this is the first known case of the United States actually using force against an Iranian vessel. Iran immediately retaliated by striking a US warship with drones and warned that it would continue military responses if US attacks continued.
Tensions also continued on the diplomatic front. Iranian Foreign Ministry spokesperson Esmail Baghaei reaffirmed his intention not to participate in the second round of negotiations on the 20th, and President Masoud Pezeshkian strongly criticized the US for attempting to betray diplomacy in a phone call with the Pakistani Prime Minister. Iranian Parliament Speaker Mohammad Bagher Ghalibaf also posted a message on social media directly provoking the US Treasury bond market.
Nevertheless, the spark of negotiations has not been extinguished. Pakistani media reported that the Iranian negotiating team would arrive in Islamabad on the 21st, and Ebrahim Azizi, Chairman of the Iranian Parliament's National Security Committee, also stated in an Al Jazeera interview that they had decided to continue dialogue. In an Axios interview, President Trump was optimistic, saying "the basic framework of the agreement has been established," and US Energy Secretary Chris Wright also said, "There is more progress than what appears from the outside." Israeli media Hayom also reported that Iran had agreed to hand over all of its enriched uranium holdings.
Not Yuan, Not Crypto... "To Pass Through Hormuz, Pay in Rials"
Iran, engaged in a war of nerves with the US over resuming ceasefire negotiations, has specifically disclosed a draft bill on Hormuz Strait tolls, strengthening its negotiating leverage.
The 10-article bill disclosed on the 20th by Mohammad Reza Rezaei Kouchi, Chairman of the Construction Committee of the Iranian Parliament, specifies the principle that tolls must be paid in the Iranian legal tender, the rial. Although the possibility of accepting cryptocurrency or yuan was mentioned, the rial was made the default. It also stipulates that all countries involved in the war can only obtain passage permits after paying reparations, but did not separately present criteria for determining involvement.
The temperature difference toward the US and Israel is also noteworthy. While Israeli-related ships and cargo are absolutely banned from passage, no separate clause was set for the US, leaving the Supreme National Security Council (SNSC) to determine whether it is a hostile nation. This is interpreted as leaving room for negotiation.
For countries that do not comply with the law, ship seizure and confiscation of a 20% fine on cargo value were announced, revealing strong enforcement will. Toll revenue is planned to be allocated to strengthening defense capabilities (30%) and supporting people's livelihoods (70%).
The fact that Iran is proceeding with the bill as scheduled even as negotiations face the risk of breaking down again is analyzed as a move to preempt an advantageous position in the negotiations to be resumed.
Hegseth Dismisses Military Leadership One After Another in the Middle of the Iran War
As US-Iran hostilities enter their eighth week, Defense Secretary Pete Hegseth has been dismissing military leaders one after another, stirring controversy over internal power struggles.
Secretary Hegseth abruptly dismissed 38-year veteran Army Chief of Staff Randy George earlier this month. Replacing the Army's top commander during wartime is unusual in itself, and controversy grew as it was reported that Army Secretary Driscoll, who oversees the Army, was not even notified in advance. A retired Navy Rear Admiral expert criticized, "It is incomprehensible to dismiss senior leaders and replace personnel during wartime."
The background of this dismissal lies in accumulated conflicts between Secretary Hegseth and Secretary Driscoll. The two clashed starting with the issue of arranging President Donald Trump's military visit, and Secretary Hegseth's wariness grew further when President Trump entrusted Secretary Driscoll with the Russia-Ukraine peace negotiations. In February this year, they clashed head-on over the promotion list, with meetings derailing when Secretary Hegseth demanded the exclusion of Black and female officers and Secretary Driscoll refused.
Subsequently, Secretary Hegseth identified former Chief George as the leaker of discord reports and pressured him to resign, and rumors spread internally that along with speculation about Secretary Driscoll's dismissal, Hegseth's close aides were eyeing the successor Army Secretary position. Secretary Driscoll made it clear through a statement on the 7th of this month that he had no intention of resigning, but the conflict between the two remains ongoing.
0-100 in 2.96 Seconds... 'Electric Car Full Party' Held in Ningbo
Zeekr, an electric vehicle brand under China's Geely Auto Group, unveiled its flagship SUV '8X' and declared a head-on competition with German premium cars. The launch event held at the Ningbo International Conference Center attracted more than 1,200 people, including domestic and foreign media and influencers, showing enthusiasm reminiscent of a concert hall.
The 8X's core competitiveness lies in its overwhelming performance figures. As the first mass-produced car to be equipped with a three-motor megawatt-class electric system, it recorded a 0-100 km/h acceleration time of 2.96 seconds, significantly ahead of the BMW X5 M (3.92 seconds) and Porsche Cayenne (6.12 seconds). The total output of approximately 1,400 horsepower exceeds that of the Lamborghini V8 engine, the company explained. The battery, based on a 900V high-voltage platform, can be charged from 20% to 80% in just 9 minutes even in environments as cold as -30 degrees Celsius.
Software capabilities were also put front and center. The autonomous driving system equipped with 5 lidar chips and 1400TOPS computing performance found unfamiliar parking lot exits faster than humans in actual demonstrations. The AI agent 'Super EVA' has functions such as automatically changing routes in traffic control situations and even remembering the driver's wedding anniversary to recommend gift shops.
Zeekr announced the global launch of the 8X in the second half of this year, and will also enter the Korean market within the year. It has appointed Lim Hyun-ki, former head of Audi Korea, as head of the Korean subsidiary, with the first launch model being the 7X and the 8X also mentioned as a likely follow-up model. Zeekr is the only Chinese brand to have expanded to all five continents with a luxury strategy at the forefront.
"The US Smiles While Only Korea Suffers?" The 'Parasite' Economy Caused by the Strait of Hormuz Blockade
