SEOUL: South Korea said on Wednesday it would receive an additional 18 million barrels of oil from the United Arab Emirates through multiple supply channels as the US-Israel war on Iran disrupts global supplies and sends prices higher.&nbsp;About 70 percent of South Korea&#39;s crude oil imports pass through the Strait of Hormuz, which Iran has effectively closed since US-Israeli strikes began on February 28.&nbsp;&quot;The UAE will supply six million barrels via three UAE-flagged vessels, and an additional 12 million barrels will be delivered on six Korea-flagged vessels,&quot; Kang Hoon-sik, presidential chief of staff, said at a press briefing.&nbsp;They will deliver the oil through &quot;diversified supply channels&quot;, he said, declining to elaborate on the route.&nbsp;&quot;As 70 percent of the crude oil we import passes through the Strait of Hormuz, securing alternative supply routes that bypass the strait is urgently needed,&quot; he added.&nbsp;The world&#39;s eighth-largest consumer of crude oil has also struck an agreement with the UAE that would allow it to &quot;make emergency purchase of crude oil at any time.&quot;&nbsp;It follows an earlier deal to import around four million barrels of oil from the UAE and allows it to use up to two million barrels from jointly held strategic reserves that the UAE stores in South Korea upon request.&nbsp;The war has prompted Seoul to impose a fuel price cap for the first time in nearly 30 years.&nbsp;The country consumes around 2.5 million barrels per day as of the end of 2024, according to World meter.

Asia

Middle East

South Korea will receive 18 million barrels of oil from the UAE through multiple channels, bypassing the Strait of Hormuz amid the US-Israel war on Iran, while securing emergency purchases and using strategic reserves to stabilize fuel supplies.

South Korea secures extra 18m barrels of oil from UAE

PARIS: Energy ministers of the G7 said on Wednesday they &quot;stand ready&quot; to take &quot;all necessary measures&quot; in coordination with the International Energy Agency (IEA) to tackle the rise in crude oil prices due to the Middle East war.&nbsp;The <a href="https://www.pakistantv.com/article/wall-street-intends-to-stay-open-around-the-clock" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Wall Street Journal</a> reported Tuesday, citing officials familiar with the matter, that the IEA had proposed its largest-ever release of oil reserves to counter soaring crude prices driven by the US-Israeli war with Iran.&nbsp;After a virtual meeting on Tuesday with the IEA&#39;s executive director, they said in a statement: &quot;G7 members will carefully consider the recommendations issued during these discussions.&quot;&nbsp;&quot;In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves,&quot; they said, adding they were coordinating within the G7, with IEA member countries and beyond.&nbsp;&quot;We agreed to stand ready to take all necessary measures in coordination with IEA Members,&quot; the statement said.&nbsp;G7 finance ministers met on Monday and G7 energy ministers on Tuesday to discuss the potential release of emergency stocks.&nbsp;&quot;We want to be ready to react at any moment,&quot; French Finance Minister Roland Lescure, whose country holds the rotating presidency of the Group of Seven advanced economies, said Tuesday.&nbsp;Asian equities extended gains Wednesday while oil stabilised after the WSJ report.&nbsp;The crude market has been hit by wild volatility since the United States and Israel began striking Iran at the end of last month, with Tehran retaliating by attacking targets across the oil-rich Gulf and effectively shutting down the crucial Strait of Hormuz.&nbsp;IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates.&nbsp;The Paris-based IEA was created to coordinate responses to major supply disruptions after the 1973 oil crisis.&nbsp;In order to ensure energy security, the IEA imposes on its members an obligation to hold emergency oil stocks equivalent to at least 90 days of net oil imports.

An oil tanker unloads crude oil at a terminal at the port in Qingdao, in China’s eastern Shandong province, on March 11, 2026. (Photo: AFP)

Business

The Wall Street Journal reported Tuesday, citing officials familiar with the matter, that the IEA had proposed its largest-ever release of oil reserves to counter soaring crude prices driven by the US-Israeli war with Iran.

G7 energy ministers 'ready' to take 'necessary measures' on oil reserves

Web Desk

ISLAMABAD: American military forces have intercepted and boarded the <span style="font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;" id="isPasted">Panamanian-flagged<span style="color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-size: 20px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;" id="isPasted">&nbsp;oil tanker Veronica III in the Indian Ocean, according to a statement posted on X by the Department of War on Sunday. The department said US forces tracked the vessel across international waters before carrying out what officials described as a lawful maritime boarding operation within the Indo-Pacific Command&rsquo;s area of responsibility. Video released alongside the statement shows armed personnel approaching the tanker at sea and climbing aboard. <div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2022997870061011067&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=917738aeac499d224108cc4f065a7ee29452fcc3&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 696px; display: block; flex-grow: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</iframe></div></div> Officials described the action as a &ldquo;right-of-visit, maritime interdiction and boarding&rdquo; conducted without incident.&nbsp;According to the statement, the pursuit began in the Caribbean and continued across thousands of miles before the ship was stopped in the Indian Ocean. &ldquo;The vessel tried to defy President Trump&rsquo;s quarantine &mdash; hoping to slip away,&rdquo; the department said. &ldquo;We tracked it from the Caribbean to the Indian Ocean, closed the distance, and shut it down.&rdquo; The Pentagon intercepted the Aquila II in similar fashion about a week ago. In December, Trump ordered a &quot;blockade&quot; of sanctioned oil vessels heading to and from Venezuela. At least nine ships have been seized thus far. But those ships seized in recent months make up only a tiny fraction of the total number of sanctioned &quot;shadow fleet&quot; vessels operating worldwide to evade sanctions, which a senior US Coast Guard officer said number up to 800. The Veronica III left Venezuela on January 3 -- the same day that US special forces captured Venezuelan leader Nicolas Maduro in a raid -- carrying around 1.9 million barrels of oil, <a data-fr-linked="true" href="//TankersTrackers.com" style="color: rgb(0, 0, 0);">TankersTrackers.com</a> said. The ship is listed under US sanctions relating to Iran, according to the website of the US Treasury&#39;s Office of Foreign Asset Control. Officials did not immediately confirm whether the tanker was seized or redirected following the boarding. Still, they described the move as part of a broader campaign to disrupt illicit oil trade networks. &quot;By land, air, or sea, we will find you and deliver justice,&quot; officials warned, signaling continued operations against what they termed &quot;illicit actors and their proxies&quot; in the maritime domain.

Americas

US forces boarded the Panama-flagged tanker Veronica III in the Indian Ocean after tracking it from the Caribbean, accusing it of violating sanctions on Venezuelan and Iranian oil, the Department of War said in a statement on X.

Articles tagged with "oil"

South Korea secures extra 18m barrels of oil from UAE

G7 energy ministers 'ready' to take 'necessary measures' on oil reserves

US forces board tanker in Indian Ocean after Venezuela blockade evasion