Korean-Bound Supertanker Escapes Hormuz Strait With 2 Million Barrels Amid Iran Blockade

"The Strait of Hormuz is closed, and if anyone tries to pass through, we will burn their ships."

Iran's Islamic Revolutionary Guard Corps issued this warning through local media on Friday, declaring a blockade of the world's largest oil transit route. A supertanker that escaped the strait just before the blockade has been identified as heading to South Korea.

The Revolutionary Guard also stated, "We will not allow a single drop of oil to leave this region. Oil prices will reach $200 per barrel within days."

The Strait of Hormuz borders Iran to the north and Oman and the United Arab Emirates to the south. Approximately 20% of the world's seaborne oil passes through the waterway. Most deep-water channels safe for large tankers lie within Iranian territorial waters, raising concerns of significant disruption to global energy markets if the blockade takes effect.

South Korea is monitoring the situation closely due to its heavy reliance on Middle Eastern crude. Last year, approximately 69% of the country's oil imports came from the Middle East, with over 95% transiting through the Strait of Hormuz. High dependence on Middle Eastern liquefied natural gas imports also raises concerns about potential energy supply disruptions.

The supertanker Eagle Vellore departed Iraq's southern port of Al Basra on April 26 and was scheduled to transit the Strait of Hormuz on April 28.

However, U.S. and Israeli airstrikes against Iran began that same day, prompting Iran's blockade declaration. The vessel risked being stranded as most deep-water passages fall within Iranian waters, but reportedly increased speed and cleared the strait just before the blockade took effect.

The Eagle Vellore's final destination is Daesan Port in Seosan, South Chungcheong Province. The 336-meter, 300,000-ton supertanker carries approximately 2 million barrels of crude oil—roughly equivalent to South Korea's daily oil consumption.

The tanker was contracted by HD Hyundai Oilbank and will unload at Daesan Port before the crude undergoes refining at nearby facilities. The vessel is currently sailing through the Arabian Sea and is expected to arrive at Daesan Port on the morning of May 20.

Approximately 30 vessels belonging to South Korean shipping companies were identified operating in or near the Strait of Hormuz as of Friday. The Ministry of Oceans and Fisheries and the Korea Shipowners' Association have directed ships in the strait to relocate to safe locations and prohibited additional vessels from entering the waterway.