South Korea most exposed to pipeline shutdown, with Saudi crude at 34.1% of July imports

Sep 21, 2026 08:29 (34d ago)

South Korea faces the greatest apparent exposure to the pipeline shutdown.
Saudi crude represented 34.1% of South Korea's crude imports in July.
Experts say Asia-bound crude formerly using Hormuz shifted to the closed pipeline.

South Korea appears to face the most direct exposure to the pipeline shutdown, with Saudi crude accounting for 34.1% of its crude imports in July. Experts say a significant volume of crude bound for Asia that had transited the Strait of Hormuz before the war was redirected to the pipeline, which is now closed. Analysts expect the near-term market effect to be higher oil spot prices and freight costs, rather than an immediate change in physical availability. The article references @CL.1, @LCO26X and @LCO27G.