Daijiworld Media Network - Seoul

Seoul, Apr 5: South Korea is considering nationwide driving restrictions as oil prices soar due to disruptions in global energy supply triggered by escalating tensions in the Gulf region.

Finance Minister Koo Yun-cheol held talks with envoys from the Gulf Cooperation Council (GCC) to secure energy supplies and ensure the safety of Korean vessels near the strategically vital Strait of Hormuz.

During the meeting, South Korea sought assurances for steady supplies of oil, liquefied natural gas, naphtha, urea and other key resources. GCC representatives reportedly assured continued cooperation, calling South Korea a priority partner.

Like many Asian economies, South Korea depends heavily on imports routed through the Strait of Hormuz, which previously handled around 20 per cent of global oil shipments. However, ongoing conflict involving Iran, the United States and Israel has severely disrupted shipping through the route.

The resulting supply crunch has pushed up global energy prices, raising concerns over inflation and a potential economic slowdown. Authorities in Seoul are now exploring measures, including limits on vehicle usage, to conserve fuel and manage the crisis.