South Korea secures 24 million barrels of UAE oil with priority supply deal amid Iran war

South Korea has secured a comprehensive oil supply agreement with the United Arab Emirates, guaranteeing 24 million barrels of crude oil as economic disruptions from the US-Israeli war with Iran continue to impact global energy markets. Presidential office official Kang Hoon-sik announced the deal following a visit to the UAE, confirming that Seoul has obtained priority status for deliveries.

Priority guarantee

"The UAE clearly promised us. No country will receive crude oil before South Korea," Kang said in a press briefing, emphasizing the strategic importance of the arrangement. The deal ensures that South Korean refineries will have priority access to Emirati crude at a time when the Strait of Hormuz closure and Iranian retaliation have disrupted normal oil flows.

Evacuation update

Kang also reported that approximately 3,000 of the 3,500 South Korean citizens briefly staying in the UAE have returned home amid escalating regional tensions. The evacuation reflects concerns about the safety of nationals in Gulf countries that have been targeted by Iranian retaliatory strikes.

Conflict context

The US and Israel launched joint attacks on Iran on Feb. 28, killing over 1,300 people according to Iranian authorities, including former Supreme Leader Ayatollah Ali Khamenei and more than 150 schoolgirls. Iran has retaliated with drone and missile strikes targeting Israel, Qatar, UAE, Bahrain and other Gulf countries hosting US military assets. The Strait of Hormuz closure has disrupted approximately 20 million barrels of daily oil shipments, pushing global prices above $100 per barrel.

Energy security strategy

South Korea, as a major energy importer heavily dependent on Middle Eastern oil, has been actively seeking to secure alternative supply arrangements and strengthen ties with Gulf producers. The UAE priority deal represents a significant achievement in Seoul's efforts to insulate its economy from regional volatility.