South Korea Denies Hormuz Transit Fee Payment

South Korea has firmly denied allegations that it is contemplating the payment of transit fees to Iran for the movement of oil and gas through the Strait of Hormuz. The presidential Blue House made this clear on Thursday, refuting a previous report from local media.

Contacted by Reuters, a Blue House spokesperson confirmed, 'Reviewing the payment of Hormuz transit fees is completely untrue and is not something under consideration.'

Earlier in the day, the Maeil Business Newspaper had suggested that South Korea was mulling over such payments to avoid possible disruptions in energy supplies from the Middle East. The newspaper cited an unidentified presidential official as its source.