Ulsan Crude Oil Imports Plunge 40% as Hormuz Blockade Bites

Crude oil imports to Ulsan, South Korea, plummeted by more than 40% due to the Strait of Hormuz blockade, highlighting the impact of the Iran war. Dependence on Middle Eastern crude has decreased, with imports routed through Saudi Arabia and the UAE. The government is deploying strategic petroleum reserves to address supply concerns.