KOREA PRO Podcast

KOREA PRO Podcast

South Korea’s oil squeeze, Seoul mayor ruling and KNDA breach — Ep. 142

Jul 24, 2026 · 12 min · 9 segments

On this week’s episode of the Korea Pro Podcast, Jeongmin, John and Joon Ha discuss the widening war in the Middle East and what it means for South Korea, from rising oil prices and shipping insurance…

On this week’s episode of the Korea Pro Podcast, Jeongmin, John and Joon Ha discuss the widening war in the Middle East and what it means for South Korea, from rising oil prices and shipping insurance costs to inflationary pressure on an export-dependent economy. They also break down Seoul Mayor Oh Se-hoon’s conviction for violating the Political Funds Act, including why the ruling could damage his political image even as he remains in office while pursuing an appeal. The episode then turns to South Korea’s ongoing trade and industry talks with Washington, as Seoul looks to deepen shipbuilding cooperation while Coupang continues to complicate the broader U.S.-ROK economic conversation. They also discuss the latest cyberattack on the Korea National Diplomatic Academy, after officials said the institution had been compromised for months, exposing the personal data of South Korean diplomats and raising questions about possible North Korean or Chinese involvement. About the podcast: The Korea Pro Podcast is a weekly conversation hosted by Korea Risk Group Executive Director Jeongmin Kim, Managing Editor John Lee and correspondent Joon Ha Park, delivering deep, clear analysis of South Korean politics, diplomacy, security, society and technology for professionals who need more than headlines. Uploaded every Friday. This episode was recorded on Thursday, July 23, 2026. Audio edited by Alannah Hill

On this week’s episode of the Korea Pro Podcast, Jeongmin, John and Joon Ha discuss the widening war in the Middle East and what it means for South Korea, from rising oil prices and shipping insurance…

Top entities: Oh Se-hoon×9 Lee Jae-myung×4 South Korea×30 Seoul×9 United States×13

Middle-East Conflict & South-Korea Impact0:46 – 3:49

0:46

The Middle East continues to be on fire.

Jeongmin KimHost

0:49

I thought it was like slightly over for maybe a millisecond.

Jeongmin KimHost

0:53

And then when I woke up one day, it sort of felt like I'm back a few weeks.

Jeongmin KimHost

0:57

In March.

Jeongmin KimHost

0:59

There was a U.S. strike again against Iranian military and civilian infrastructure, including bridges.

1:05

And to make matters worse, we've got to stop calling this the Iran war, as people have been doing this on the media, because it's not just about Iran.

1:12

Now they've been striking Kuwait, the UAE, and everyone else that they've been able to reach.

1:17

It's Middle

Jeongmin KimHost

1:18

East war.

Jeongmin KimHost

1:18

It's the entire

1:19

Middle East war now, exactly.

1:21

And the Houthis decided to get involved.

Jeongmin KimHost

1:23

Always a great news.

1:24

That's always great.

1:26

First, the Saudis announced that they were going to put up a maritime blockade on the Houthis.

1:31

And Houthis responded in kind that they're going to put a maritime blockade on Saudi ships.

1:35

And just today, the Houthis took responsibility for shooting missiles at two oil tankers.

1:40

So that's great news.

Jeongmin KimHost

1:43

And I feel like I have been asking you this every single week, maybe a two weeks gap when we thought, I thought it was like slightly over.

Jeongmin KimHost

1:50

But what's the implications for South Korea now?

1:52

Let me just put it this way.

1:53

No one is celebrating except for the insurance companies.

1:57

Someone in London is probably taking a bath in champagne at the moment because they are just raking in all the money right now.

2:04

But yeah, insurance premiums are going to skyrocket.

2:07

Now, the South Korean government did say that they secured about 110% of the oil that's needed from July to August and about 90% of the oil that's needed for September.

Middle-East Conflict & South-Korea Impact0:46 – 3:49

0:46

The Middle East continues to be on fire.

Jeongmin KimHost

0:49

I thought it was like slightly over for maybe a millisecond.

Jeongmin KimHost

0:53

And then when I woke up one day, it sort of felt like I'm back a few weeks.

Jeongmin KimHost

0:57

In March.

Jeongmin KimHost

0:59

There was a U.S. strike again against Iranian military and civilian infrastructure, including bridges.

1:05

And to make matters worse, we've got to stop calling this the Iran war, as people have been doing this on the media, because it's not just about Iran.

1:12

Now they've been striking Kuwait, the UAE, and everyone else that they've been able to reach.

1:17

It's Middle

Jeongmin KimHost

1:18

East war.

Jeongmin KimHost

1:18

It's the entire

1:19

Middle East war now, exactly.

1:21

And the Houthis decided to get involved.

Jeongmin KimHost

1:23

Always a great news.

1:24

That's always great.

1:26

First, the Saudis announced that they were going to put up a maritime blockade on the Houthis.

1:31

And Houthis responded in kind that they're going to put a maritime blockade on Saudi ships.

1:35

And just today, the Houthis took responsibility for shooting missiles at two oil tankers.

1:40

So that's great news.

Jeongmin KimHost

1:43

And I feel like I have been asking you this every single week, maybe a two weeks gap when we thought, I thought it was like slightly over.

Jeongmin KimHost

1:50

But what's the implications for South Korea now?

1:52

Let me just put it this way.

1:53

No one is celebrating except for the insurance companies.

1:57

Someone in London is probably taking a bath in champagne at the moment because they are just raking in all the money right now.

2:04

But yeah, insurance premiums are going to skyrocket.

2:07

Now, the South Korean government did say that they secured about 110% of the oil that's needed from July to August and about 90% of the oil that's needed for September.