South Korea is preparing emergency crude-supply measures as the Middle East conflict disrupts the Strait of Hormuz, the Red Sea and Saudi Arabia’s East-West Pipeline. The government is reviewing higher freight-cost-difference subsidies to help refiners source crude from the Americas, Africa and Southeast Asia, while monitoring cargo delays, pipeline repairs and detour routes through the Suez Canal. More than 90% of year-earlier crude volumes for September and October had been secured, limiting the immediate domestic impact. Dubai crude rose from $80.80 a barrel on Aug. 7 to $123.70 on Sept. 11, while Singapore gasoline reached $147.90 a barrel and naphtha prices climbed 15.2% in a month. Saudi Arabia supplied $16.046 billion, or 31.3%, of South Korea’s crude imports in the first seven months. Authorities are also considering extending the oil price cap, adjusting product ceilings and developing an oil supply-and-demand stabilization diagnostic index that incorporates prices, freight, supplier and route risks, and stockpiles.