Iran war: South Korea aims to bypass Hormuz, send ships to Saudi port for oil

South Korea will send five Korean-flagged ships to the Saudi Arabian Red Sea port of Yanbu to help establish alternative oil supply routes to avoid the disruption in the Strait of Hormuz, a ruling MP said on Monday. Oil prices have surged amid the US-Israeli war on Iran, raising growth and inflation risks for South Korea, which relies on Middle Eastern crude for around 70 per cent of its imports.