S. Korea’s Lee Warns: “World Is in Chaos Because of the Energy Issue”
Speaking at a town hall on the southern island of Jeju, Lee cautioned that the situation is "worse than you think" and risks deteriorating further, according to a local news agency.
The president made clear the weight of the crisis was personal: "The whole world is in chaos because of the energy issue, and it's so serious that I can't fall asleep either," he said, stressing the urgency to "quickly transition" to renewable energy sources.
The stakes for South Korea are considerable. The country relies on the Middle East for roughly 55% of its energy imports — a dependency valued at $144 billion in 2024 alone — leaving it acutely exposed to regional instability.
That instability has intensified significantly. The US-Israel war with Iran and mounting tensions in the Strait of Hormuz have fractured regional energy flows, amplifying shortages and stoking price surges across global markets.
The chokepoint became even more precarious on March 2, when Iran announced navigation restrictions through the Strait of Hormuz — a critical artery for oil tankers — and threatened to target any vessels attempting passage without prior coordination.
The economic consequences have been immediate and far-reaching. Approximately 20 million barrels of oil traverse the strait every day, and its near-closure has sent oil prices, shipping rates, and insurance costs sharply higher, rattling economies worldwide.
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