South Korea Seeks Alternative Oil Supplies Abroad

South Korea's government on Tuesday said it will secure oil supplies from outside the Middle East and monitor markets after Iran's Revolutionary Guard declared the Strait of Hormuz closed. The Ministry of Economy and Finance held an emergency meeting and pledged at least a 100 trillion won (US$68.4 billion) stabilization program and export-support measures for about 1,000 firms. Authorities warned of market volatility and prepared reserves releases if needed.