Although the United States and Iran agreed on July 7 (local time) to a two-week ceasefire and the reopening of the Strait of Hormuz, experts widely assess that it is premature to say Middle East tensions have been fully resolved, as Iran's uranium enrichment rights could emerge as a key issue in future negotiations.
Experts predict that major countries will enter a survival competition to reduce their dependence on the Middle East following this crisis. Korea also needs to diversify its crude oil import sources while reorganizing supply chains for raw materials essential to manufacturing, such as naphtha.
As Kang Hoon-sik, the Presidential Chief of Staff, is scheduled to visit Kazakhstan, Oman, and Saudi Arabia as a special envoy for strategic economic cooperation, observers note that tangible results must be achieved within two weeks.
