The Korea Times
Unlike previous Middle East conflicts, the current war in Iran is no longer a distant concern for countries like Korea that rely heavily on imported oil to sustain their economies. Just a month after the U.S.-Israeli strikes began on Iran, Korea is already feeling the strain of volatile oil prices. Iran’s selective attacks on ships passing through the Strait of Hormuz — which accounts for around 20 percent of global crude oil transit — along with the resulting disruptions to global supply chains, have begun to shake the world economy. The situation is likely to deteriorate further as Tehran-backed Houthi rebels in Yemen have joined Iran in the conflict against the U.S. and Israel. Last week, the Houthis launched a barrage of missiles targeting what they described as Israel’s “sensitive military facilities.” The involvement of the Yemeni rebels raises serious concerns about global supply chains, making further disruptions increasingly likely. The Houthis have a track record of blocking shipping routes in the Red Sea during Yemen’s civil war, and they may attempt similar ac
Go to News Site