South Korea Welcomes US-Iran Ceasefire Amid Strait Of Hormuz Shipping Standstill

South Korea welcomed the two-week ceasefire between the United States and Iran.

Seoul's Foreign Ministry said the government welcomes the agreement which has created an opportunity to resume transit through the Strait of Hormuz.

ABC News

The ceasefire announcement came after Trump said he would suspend military strikes contingent on Tehran agreeing to the complete and immediate reopening of the Strait of Hormuz.

Shipping remained at a standstill despite the ceasefire, with only a handful of vessels transiting the strait.

Trump accused Iran of doing a very poor job of allowing Oil to go through the Strait of Hormuz.

Iranian Foreign Minister Abbas Araghchi accused the US of not honouring the deal.

The war knocked out roughly 14 million barrels per day of petroleum product supplies.

Aviation fuel prices in Europe rose significantly.

Al Jazeera

US allies in Asia were forced to turn to Iran and Russia for energy supplies.

South Korea bought naphtha from Russia for the first time in four years.

The war dealt a blow to the US's web of allies around the world.

Iran's effective lockdown of the Strait of Hormuz was meant as retaliation against US-Israeli strikes.

Iran reportedly charged a $2 million transit fee to ships from certain friendly nations.

Iran relies on the older 1958 Geneva Convention framework, not UNCLOS.

The actual navigable lanes fall within the territorial sea limits claimed by both Iran and Oman.

Iran invested heavily in asymmetric warfare capabilities post-1979.

The war exposed contradictions in the Trump administration's geopolitical worldview.

Russia supplied Iran with intelligence and advanced drone capabilities.

Al Jazeera

China provided Iran with sodium perchlorate.

The conflict reshuffled energy trade and partnerships in the region.

Ambassador Kritenbrink said Washington would remain an indispensable ally.