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International oil rushes to US-Iran crisis Hormuz Containment Tactile

2020-01-04T12:41:00.032Z

There is another area that we are concerned about. Oil. 70% of our oil comes from the Middle East. But the conflict gets bigger, and if it goes out and if it spreads to Iran by blocking the sea, it's not really going to happen.



<Anchor>

There is another area that we are concerned about. Oil. 70% of our oil comes from the Middle East. But the conflict gets bigger, and if it goes out and if it spreads to Iran by blocking the sea, it's not really going to happen.

Um Minjae analyzed.

<Reporter>

Since the US eliminates the Iranian commander, the world's three largest oil giants, Dubai crude oil and Western Brent crude oil, have all risen to around $ 2.

West Texas crude is up 3.1 percent from the previous day, the highest price in eight months since May last year.

[Lee Kwang-Woo / LG Economic Research Fellow: When tensions increase due to physical friction, oil prices can rise as supply anxiety increases throughout the Middle East.]

Iran's share of crude oil is only 2% of the world's crude oil production, but it's a different story if Iran begins to block the Hormuth Strait.

This is because the Hormuz Strait, which links the Persian Gulf and the Gulf of Oman, is home to more than 30% of the world's crude oil.

But it is not easy for Iran to block the blockade, as it does not only target the United States but also other oil imports and exports.

[Cho Sang-bum / Korea Petroleum Association Team Leader: Indeed, if it leads to a (Straits) blockade, the war in the Middle East or a full-scale war between the United States and Iran could lead to more influence. .]

Uncertainty will drive up oil prices for the time being, but the impact on Korea is expected to be limited.

In May last year, US imports of Iranian crude oil were already suspended, as the US tightened its economic sanctions against Iran.

But if the situation is prolonged, the profitability of the aviation or transportation industry, which is sensitive to oil prices, and the burden on drivers and self-employed workers will be visible.

(Video coverage: Bae Munsan, Video editing: Park Ki Deok)

Source: sbskr

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