00:00South Korea plans to send five ships to the Saudi Arabian Red Sea port of Yanbu.
00:06The move is part of efforts to establish alternative oil supply routes
00:10and avoid disruptions in the Strait of Hormuz.
00:13Special envoys would also be sent to Oman, Algeria and Saudi Arabia
00:18to help secure additional crude supplies.
00:20South Korea currently relies on Middle Eastern crude for around 70% of its imports.
00:26Oil prices have surged amid the US and Israeli operation against Iran,
00:30raising growth and inflation risk for the country.
00:34The situation has prompted Seoul to prepare emergency measures,
00:37including a fuel price cap for the first time since 1997
00:41and the proposal of a US$17.2 billion supplementary budget to cushion the economic impacts.
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