crude

South Korea will receive more than 6 million barrels of crude oil from the United Arab Emirates (UAE), Cheong Wa Dae said Friday, amid concerns over energy prices due to the escalating conflict in the Middle East.

Kang Hoon-sik, the presidential chief of staff, announced the plan to purchase crude oil from the Gulf state in a briefing as the U.S.-Israeli attack on Iran and Tehran’s retaliatory strikes in the region have sparked fears of an energy crisis.

“At the instructions of President Lee Jae Myung, we have made consultations over measures to introduce crude oil and as a result, an emergency introduction of more than 6 million barrels has been confirmed,” he said, noting the move is expected to help stabilize oil prices.

Kang stressed the need for the emergency measure, noting that 70 percent of crude oil supplied to South Korea passes through the Strait of Hormuz, which has effectively been shut down due to the conflict.

Two South Korean oil tankers will be sent to a UAE port that does not require passage through the strait to receive 4 million barrels of crude oil, he said, adding the UAE pledged to provide 2 million barrels from a joint reserve stored in South Korea.

The total amount is equivalent to more than two times the supply used by South Korea a day, he said.

Meanwhile, Kang said a passenger flight carrying South Korean nationals has left Dubai and is scheduled to arrive at Incheon International Airport, just west of Seoul, at 7:30 p.m. Friday, following talks with the UAE on measures for their safe return.

Commercial flights from Abu Dhabi are expected to resume Saturday, while a chartered Korean Air flight will also be dispatched, he said, noting that he held talks with Khaldoon Khalifa Al Mubarak, chairman of Abu Dhabi’s Executive Affairs Authority.

“Currently, 18,000 South Koreans are in 14 Middle East nations, and some 4,900 of them are short-term travelers,” he said. “Among the short-term travelers, 3,500 of them are currently staying in the UAE and Qatar, and waiting to return home.”

“We will continue consultations with the UAE to bring all of our citizens back home as soon as possible.”

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President Trump’s decision to strike Iran creates new risks for a significant chunk of the world’s oil supply.

The Islamic Republic itself pumps about 3.3 million barrels a day, or 3% of global output, making it the fourth-largest producer in OPEC. But the nation wields far greater influence over the world’s energy supplies because of its strategic location.

Iran sits on one side of the Strait of Hormuz, the shipping lane for about a fifth of the world’s crude from key suppliers including Saudi Arabia and Iraq. While the waterway remains open, some oil tankers were avoiding sailing through following the attacks and ships were piling up on either side of the entrance, tracking data compiled by Bloomberg show.

Oil markets are closed for the weekend, and there was no initial information on whether the attacks on Iran and the country’s retaliatory strikes across the region Saturday targeted any energy assets.

Here are the pressure points to watch in oil as events unfold.

Iran’s production

Iran produces about 3.3 million barrels of oil a day, up from less than 2 million barrels a day in 2020 despite continued international sanctions. The country has become more adept at skirting these restrictions, sending about 90% of its exports to China.

The largest oil deposits are Ahvaz and Marun and the West Karun cluster, all in Khuzestan province.

Iran’s main refinery, built at Abadan in 1912, can process more than 500,000 barrels a day. Other key plants include the Bandar Abbas and Persian Gulf Star refineries, which handle crude and condensate, a type of ultra-light oil that’s abundant in Iran. The capital, Tehran, has its own refinery.

For Iran’s overseas shipments, the Kharg Island terminal in the northern Persian Gulf is the main logistical hub. There was an explosion on the island Saturday, according to Iran’s semiofficial Mehr news agency, which didn’t provide details or make any reference to the oil terminal.

Kharg Island has numerous loading berths, jetties, remote mooring points and tens of millions of barrels of crude storage capacity. The facilities have handled export volumes exceeding 2 million barrels a day in recent years.

U.S. sanctions discourage most potential buyers of Iran’s crude, but private Chinese refiners have remained willing customers, provided they get steep discounts. For international shipments, Iran relies on a fleet of aging tankers that mostly sail with their transponders deactivated to avoid detection.

Earlier this month, Iran was rapidly filling tankers at Kharg Island, probably in an effort to get as much crude on the water and move vessels out of harm’s way in case the facility was attacked. It was a move similar to last June ahead of Israeli and U.S. attacks.

Any strike on Kharg Island would be a desperate blow for the country’s economy.

Iran’s main natural gas fields are farther to the south along the Persian Gulf coast. Facilities at Assaluyeh and Bandar Abbas process, transport and ship gas and condensate for domestic use in power generation, heating, petrochemicals and other industries.

The area is the main point for Iran’s condensate exports. During the June war, an attack on a local gas plant sparked jitters among traders, but didn’t cause a lasting spike in oil prices because it didn’t affect any export facilities.

Regional Dangers

Iran’s Supreme Leader Ayatollah Ali Khamenei warned on Feb. 1 of a “regional war” if his country was attacked by the U.S. Tehran has claimed that a full closure of the Strait of Hormuz is within its power.

It would be an extreme step that the country has never taken but remains a nightmare scenario for global markets.

Hormuz is the chokepoint for bulk of the Persian Gulf’s exports of crude and also refined fuels such as diesel and jet fuel. Qatar, one of world’s biggest liquefied natural gas exporters, also relies on the strait. At least three gas tankers going to or from Qatar had paused voyages following the latest attacks in the region, according to ship-tracking data.

A seized South Korean-flagged tanker is escorted by Iranian Revolutionary Guard boats in the Persian Gulf’s Strait of Hormuz in January 2021. If Iran were to close the strait after the U.S.-Israel strikes Saturday, it would likely cause a massive disruption to exports and cause crude prices to spike.

(Tasnim News Agency via AP)

While OPEC members Saudi Arabia and the United Arab Emirates have some ability to reroute their shipments via pipelines that avoid Hormuz, closing the strait would still cause a massive disruption to exports and cause crude prices to spike.

There were signs that other Gulf producers were also accelerating shipments in February. Saudi Arabia’s crude shipments averaged about 7.3 million barrels a day in the first 24 days of the month, the most in almost three years. Combined flows from Iraq, Kuwait and the United Arab Emirates were set to climb almost 600,000 barrels a day from the same period in January, according to data from Vortexa Ltd.

In the past, Tehran has made retaliatory strikes on some of its neighbors’ energy assets. In 2019, Saudi Arabia blamed Tehran for a drone attack on its Abqaiq oil processing facility that halted production equivalent to about 7% of global crude supply.

Many observers say it’s improbable that Iran could keep Hormuz closed for long, making lower-impact actions like harassment of shipping more likely.

During last year’s war on Iran by Israel and the U.S., nearly 1,000 vessels a day were having their GPS signals jammed near Iran’s coast, contributing to one tanker collision. Sea mines are another long-threatened option for deterring shipping.

Market reactions

Oil surged the most in more than three years during the June war, with Brent crude rising above $80 a barrel in London. However, the gains quickly faded once it became clear that key regional oil infrastructure hadn’t been damaged.

Since then, concerns about an oversupply have dominated global markets, with crude in London ending 2025 about 18% lower than where it started.

Despite those fears of a glut, prices have surged 19% this year, partly due to fears of U.S. strikes on Iran.

With the main oil futures closed for the weekend, there’s limited insight into how traders are reacting to the latest attacks. However, a retail trading product, run by IG Group Ltd., was pricing West Texas Intermediate as high as $75.33, a gain of as much as 12% from Friday’s close.

Burkhardt and Di Paola write for Bloomberg. Bloomberg writer Julian Lee contributed to this report.

“Strip Law,” a new cartoon premiering Friday, finds Netflix in an Adult Swim state of mind, which is to say there was no thought of it being made for everybody. (Possibly including some of the people it was made for.) It’s rude, lewd, surreal in a banal sort of way, at times ridiculously violent — that is, the violence is ridiculous.

It was the cast that attracted me: Adam Scott, once more the schlemiel as leading man; Janelle James, sure of her own magnificence, not far from her character on “Abbott Elementary”; and Keith David, whose deep, sonorous voice is almost necessarily one of authority, turned to good or evil or in between as the script demands. James and David, especially, I could listen to for days.

Created by Cullen Crawford, (“The Late Show With Stephen Colbert,” “Star Trek: Lower Decks”), the series is centered on a failing Las Vegas law firm, headed by Scott’s Lincoln Gumb, with James as Sheila Flambé, “a magician and three-year all-county sex champion” he hires as his “co-counsel in charge of spectacle.” Niece Irene (Shannon Gisela), an iron-pumping 16-year-old, works as his investigator; she wears a blindfold labeled “Underage” whenever she’s required to be in a bar. Stephen Root plays his disbarred (later undisbarred — rebarred?) lawyer uncle, Glem Blorchman, the strangest of them all — “It’s 115 degrees out so I put marshmallows in gin,” is something he says as they gather to watch Christmas movies. And David plays Lincoln’s nemesis, Stevie Nichols, the very successful former partner of Lincoln’s late mother, upon whom the son remains perversely fixated.

Much of it is the sort of thing that will work or not work depending on your mood, but generally I prefer the small throwaway jokes to the big gross ones. There are self-reflexive meta gags about “hard-working cartoon writers” and “reappropriating out-of-date catchphrases.” There are many nods to “The Simpsons,” including “frosty chocolate milkshakes” and James L. Brooks’ Gracie Films logo. The final episode, of 10, takes place within the finale of a “Suits”-like legal dramedy. (“It’s against their nature to let something be sweet and fun and airy,” that firm’s bromantic lawyers say of Lincoln’s team. “They have to make it dark and strange and crass.”) And there are left-field references to Cocteau Twins and Bikini Kill, whose “original bass player” Glem claims to be. (“I don’t know what Bikini Kill is,” says Irene. “Neither did I, according to Kathleen Hanna,” says Glem.)

There are various oddball judges (nothing remotely legal happens in a courtroom); “local character” Lunch Meat, who turns up in many roles; a barman, Mr. O’Raviolo, who switches between exaggerated Irish and Italian accents in mid-sentence. Comedian George Wallace plays himself as the mayor of Las Vegas. A Halloween Christmas episode parodies “Miracle on 34th Street”; another takes off on Colton Burpo, the “boy who saw Heaven,” which includes a live-action trailer for a faith-based film featuring Tim Heidecker as a coke-snorting atheistic Lincoln. A virtual reality HR seminar is hosted by “a computerized amalgamation of all five personalities of the Rat Pack,” an immersive Autoverse, in which actors create situations that somehow amount to a driving test. There are the “Nevada-grown” Hot Dates, a sexualized version of the California Raisins; riots occur when the characters are redesigned to be more respectable (“They’re walking away from years of established canon,” laments Lincoln.)

The series felt a little off-putting at first, as if it were straining for effect, but gathered steam as it went on, either because the later episodes are weirder or better written, or because one just gets used to being in that world with those people. There is just enough character in the comedy to create stakes in the narrative; its misfit energy has fueled the screen’s bands of outsiders throughout the years. (“Even when you’re a disaster, you’re a disaster for the right people,” Irene tells Lincoln.) As to the famous fine line between stupid and clever, the stupidity and the cleverness are all but inextricable, and to the point.

The credits declare that the series is “proudly made by real, non-computer human beings,” which is pleasant to know, and in 100 years will still have been the best way to make cartoons, even if by then they are only made by and, for all we know, for machines. The thin-lined drawing style is standard for more or less realistic 21st-century adult TV animation, with perhaps a hint of comics artist Daniel Clowes laid on. But the characters are expressive, and the medium is used to unreal ends, which is, after all, what cartoons are good for.