South Korea Pivots to Canadian Oil Amid Hormuz Closure and Global Fuel Rationing

Global energy markets are facing a severe escalation as the Strait of Hormuz remains effectively closed following the failure of peace negotiations. In response, the US military has initiated a naval blockade on Iranian ports, further tightening global crude availability. South Korea is now aggressively pivoting toward Canada to secure alternative oil supplies and mitigate its dependency on volatile Middle Eastern routes. Meanwhile, the crisis has forced five nations, including Sri Lanka and Slovenia, to implement mandatory fuel rationing and purchase limits. These developments signal a deepening supply crunch that is reshaping global trade flows and placing immense pressure on developing economies. Analysts suggest that the ongoing blockade and the shift toward North American crude will likely sustain bullish momentum for oil prices.