New Delhi, May 9 -- A Malta-flagged tanker carrying 1 million barrels of crude oil arrived off South Korea's west coast Friday after passing through the Strait of Hormuz in mid-April, a South Korean refinery said.

Like many other Asian nations, South Korea imports much of its crude oil from the Middle East. The latest shipment of 1 million barrels reportedly equals 35-50% of South Korea's daily crude oil consumption.

With Iran's grip on the Strait of Hormuz jolting the world economy and causing a spike in fuel prices, the prolonged Iran war has also raised concerns about a looming energy crisis in South Korea's trade-dependent economy. The country has introduced price caps on gasoline and other petroleum products for the first time in d...