The Korea Times

Korean ships' ties to US companies keep outlook bleak for Hormuz passage

The outlook for Korean ships' passage through the Strait of Hormuz remains bleak, as Iran’s envoy to Seoul said Korean vessels may pass only if they are not associated with the United States, while many domestic refiners are closely tied to U.S. companies, security and international trade analysts said Friday. As one of the world’s most critical energy chokepoints, the strait handles about 70 percent of Korea’s imported crude. According to the shipping industry, a total of 26 Korean‑flagged vessels, most of them oil and petroleum product carriers, are tied up in the Persian Gulf as Iran effectively controls the strait amid a widening conflict with the U.S. and Israel. The outlook followed Thursday's press conference in Seoul, where Iranian Ambassador Saeed Koozechi identified Korea as “non‑hostile,” in line with Tehran’s earlier announcement that coordinated ships from the country may transit the strait. But the envoy said passage would be conditional, noting that it is “only possible through prior agreement” and that “any activities serving the interests of the U

Mar 27, 2026By Yi Whan-woo

Korean ships' ties to US companies keep outlook bleak for Hormuz passage

Politics

Korea to raise oil price cap starting Friday as energy crisis looms

The government will raise its ceiling on oil prices to take effect Friday, as increasing international oil prices are making it difficult to retain the current cap implemented two weeks ago. It announced the scheme to stabilize costs on Thursday, following a cross-ministerial meeting at Cheong Wa Dae to assess the impact of the heightened Middle East conflict on Korea’s economy. According to the government, the prices per liter will rise from 1,724 won ($1.15) to 1,934 won for gasoline, from 1,713 won to 1,923 won for diesel and from 1,320 won to 1,530 won for kerosene, in its second round of biweekly price updates since March 13. The decision was based on the international price increases and their impact on citizens’ daily lives. The new pricing comes alongside a series of measures to ease financial pressure on drivers and industries amid oil supply disruptions. These measures include expanded fuel tax cuts — from 7 percent to 15 percent for gasoline and from 10 percent to 25 percent for diesel — and efforts to secure alternative liquefied natural gas (LNG) suppliers, followin

Mar 26, 2026By Yi Whan-woo

Korea to raise oil price cap starting Friday as energy crisis looms

Politics

Where to draw line on Lee's push to bar officials with multiple homes from housing policymaking?

President Lee Jae Myung is pushing to exclude officials who own multiple homes from participating in housing policymaking, with analysts backing the move on credibility grounds while underscoring the need for clear criteria. Multi-home ownership among high-ranking bureaucrats has long been a source of controversy for housing reform in any administration, as such behavior is blamed for rising prices, fueling controversy over a perceived double standard. Barring such officials is crucial for credibility and transparency, political and real estate analysts said. However, they stressed that well-defined criteria are needed to determine which officials should be covered by the directive. They warned that without such guidelines, the move could lead to setbacks due to manpower shortage, with hundreds of officials potentially affected. “The president has a justifiable rationale — ‘I’ve sold mine, so you should too’ — in pushing bureaucrats with more than one home to sell, or be kept out of housing policy,” Shin Yul, a political science professor, said. Kwon Dae-jung, a real estate

Mar 26, 2026By Yi Whan-woo

Where to draw line on Lee's push to bar officials with multiple homes from housing policymaking?

Defense

KF-21 fighter jet begins mass production

Korea rolled out the first KF-21 Boramae fighter jet to come off the assembly line, Wednesday, marking the culmination of a 25-year development program and the beginning of a new chapter for the country's defense industry. President Lee Jae Myung attended a ceremony for the beginning of mass production on the domestically developed jet in Sacheon, South Gyeongsang Province, Wednesday, highlighting the achievement in the country’s long-standing aspiration for self-reliance in national defense. Sacheon is home to Korea Aerospace Industries (KAI), the defense company that has jointly led the project over the past 25 years with other stakeholders such as Hanwha Aerospace, Hanwha Systems, the Air Force and the Agency for Defense Development. The president said the government will capitalize on the KF-21's success as a “solid foundation” as part of the nation's vision to become one of the world’s top four defense-industrial powers, while expanding investment in relevant industries and strengthening cooperation with partner countries. “The fighter jet standing proudly before you embod

Mar 25, 2026By Yi Whan-woo

KF-21 fighter jet begins mass production

Politics

Korea repatriates drug kingpin from Philippines

Cheong Wa Dae said Korea repatriated an imprisoned drug lord from the Philippines, Wednesday, less than a month after President Lee Jae Myung requested temporary custody for him during a summit between the leaders of the two countries. Presidential spokesperson Kang Yu-jung said the repatriation of the Korean national, surnamed Park, reflects Lee’s firm resolve and diplomatic efforts to eradicate transnational crime after more than nine years of stalemate in extradition proceedings. Although the government did not disclose his full name, the individual is widely understood to be Park Wang-yeol. The spokesperson's references to the 2016 "sugarcane field murder," the large-scale drug trafficking he allegedly continued from prison and his Telegram alias "Worldwide" all point to Park. “The government swiftly repatriated Park, known as the ‘Worldwide,’ early this morning,” Kang said in a written briefing. “This outcome reflects the president’s strong commitment and diplomatic endeavors to combat crime across the border,” she said, explaining that his repatriation had faced dif

Mar 25, 2026By Yi Whan-woo

Korea repatriates drug kingpin from Philippines

Politics

5-day driving rotation system to get stricter in public sector amid energy crisis

Korea will strengthen the restriction on which days workers in the public sector can drive their vehicles starting Wednesday, as the prolonged Middle East conflict squeezes global energy supplies. For the private sector, the government decided to leave the fuel-saving measure as a voluntary program rather than forcing it. Climate, Energy and Environment Minister Kim Sung-whan announced the measure during a Cabinet meeting at Cheong Wa Dae in Seoul Tuesday. Under the rule, drivers of gas-powered vehicles in the public sector must refrain from driving one day each week, with the day determined by the last digit of their license plate. More than 20,000 institutions are included, such as central government ministries and their affiliated organizations, local governments, provincial and municipal education offices, national universities and public elementary, middle and high schools. The system had already been in place in the public sector, but enforcement was largely symbolic and violations carried light penalties such as workplace parking bans. Under the expanded framework, however, public

Mar 24, 2026By Yi Whan-woo

5-day driving rotation system to get stricter in public sector amid energy crisis

Politics

President’s approval rises in conservative strongholds ahead of local elections

President Lee Jae Myung is securing higher approval ratings nationwide with atypical backing from conservative strongholds — a trend analysts say is increasing pressure on the main opposition party as the June 3 local elections approach. Multiple polls this month have highlighted this momentum, with Realmeter reporting ratings steadily rising over three consecutive weeks and Gallup Korea showing support for the president breaking records two weeks in a row. These results reveal attention-grabbing support from the conservative strongholds of Daegu and North Gyeongsang Province in southeastern Korea, where Realmeter reported a faster week-to-week increase in approval ratings than in any other region, while Gallup Korea indicated an approval level equal to that of the more politically diverse Seoul metropolitan area. Analysts say this pattern could produce a spillover effect benefiting the ruling Democratic Party of Korea (DPK) while pushing the main opposition People Power Party (PPP) further into a corner, as it already struggles with internal divisions and difficulties in fielding com

Mar 23, 2026By Yi Whan-woo

President’s approval rises in conservative strongholds ahead of local elections

Law & Crime

EXPLAINER Korea advances prosecution reform with passage of bills

Korea has taken a major step in prosecution reform after the National Assembly last week passed two bills that effectively separate the prosecution’s long-held powers to both press charges and conduct investigations. The two bills were passed on Friday and Saturday, respectively, and aim to create new agencies, with one solely handling indictments and the other dedicated to investigations, subsequently leading to the dismantling of the current prosecutorial office in October. While contentious issues remain over the grey area of supplementary investigative authority, this legislation brings Korea to the final stage of reform after long-standing debates over the prosecution’s abuse of power. The debate intensified over the course of the prosecution’s more than seven-decade history, with critics arguing that its control over both investigations and charging decisions violated political neutrality, often acting as a “handmaiden of power.” “A goal 70 years in the making is finally coming true. My deepest thanks to the people, and to President Lee Jae Myung,” Rep. Jung Chung-rae

Mar 23, 2026By Yi Whan-woo

[EXPLAINER] Korea advances prosecution reform with passage of bills

Foreign Affairs

US-Japan summit puts new pressure on Korea over Hormuz mission

Korea faces intensifying pressure to respond to U.S. President Donald Trump's demand for allied warships in the vital Strait of Hormuz, with analysts warning that the summit between Trump and Japanese Prime Minister Sanae Takaichi — slated for later Thursday in Washington, D.C. — could leave Seoul with little diplomatic room to keep leaving the request unanswered. Both Korea and Japan were repeatedly mentioned as Trump stepped up pressure for warships to protect the shipping route off the cost of Iran. However, East Asian allies, along with China and NATO members, have yet to respond or rebuff Trump’s call, while Iran has effectively shut down the Strait of Hormuz amid the U.S. and Israel's continued war campaign. Analysts said the Hormuz question is likely to be addressed at the Trump-Takaichi talks and that Korea would feel the consequences of however Tokyo responds. “The summit represents an unprecedented level of pressure on Korea after it remained silent and tried to buy time, given the shared traits with Japan that Trump has been addressing,” said Cho Han-bum, a senior re

Mar 19, 2026By Yi Whan-woo

US-Japan summit puts new pressure on Korea over Hormuz mission

Politics

President dismisses geopolitical fears as exaggerated, sets sights on 'Korea premium'

President Lee Jae Myung hosted a meeting on capital market reforms, Wednesday, arguing that geopolitical fears stemming from the divided Korean Peninsula are exaggerated and have long suppressed the value of Seoul stocks, suggesting that fixing the problem could turn the chronic "Korea discount" into a "Korea premium." “The geopolitical risk arising from the division of the Korean Peninsula is more exaggerated than people think and even politically exploited, becoming a recurring problem,” the president said during the meeting at Cheong Wa Dae, held under the slogan “A capital market strong in crisis and trusted by the people.” While acknowledging that risks must be addressed, Lee sought to reassure markets by noting that South Korea's spending exceeds North Korea's by more than 1.4 times and that its economic power — the foundation of national defense — is "overwhelmingly ahead, to the point where it's hard to compare." “I believe that, depending on what we do, the country doesn’t have to suffer from the ‘Korea discount.’ It is entirely possible to move beyond fair

Mar 18, 2026By Yi Whan-woo

Yi Whan-woo

Read more

Korean ships' ties to US companies keep outlook bleak for Hormuz passage

Korea to raise oil price cap starting Friday as energy crisis looms

Where to draw line on Lee's push to bar officials with multiple homes from housing policymaking?

KF-21 fighter jet begins mass production

Korea repatriates drug kingpin from Philippines

5-day driving rotation system to get stricter in public sector amid energy crisis

President’s approval rises in conservative strongholds ahead of local elections

EXPLAINER Korea advances prosecution reform with passage of bills

US-Japan summit puts new pressure on Korea over Hormuz mission

President dismisses geopolitical fears as exaggerated, sets sights on 'Korea premium'

Top 5 stories