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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, AFP reports.
The situation has prompted Seoul to prepare emergency measures, including a fuel price cap — the first such step since 1997.
“Korean-flagged vessels need to be dispatched to alternative routes” to secure crude supplies using export routes that bypass the Strait of Hormuz, lawmaker Ahn Do-geol told reporters after a meeting with relevant agencies, including the energy ministry.
