The Ministry of Foreign Affairs said Thursday that a call between Foreign Minister Cho Hyun and Abbas Araghchi is being arranged and could take place as early as later in the day.
The talks are expected to focus on the terms for navigating the Strait of Hormuz, where Iran has indicated that traffic during the two-week ceasefire will be overseen by its armed forces.
According to foreign reports and data from S&P Global Market Intelligence, only four vessels were allowed to pass through the waterway on Wednesday, sharply down from more than 100 per day before the conflict.
Iran is said to be requiring ships to pre-arrange transit terms and settle fees in cryptocurrency or Chinese yuan, though such conditions have not been officially confirmed.
Cho is expected to seek clarification on reported requirements, including coordination with Iranian forces and unspecified “technical limitations.”
Seoul is also expected to inquire whether potential measures such as transit fees or joint collection mechanisms mentioned by the United States have any concrete basis.
Despite a ceasefire between Washington and Tehran, vessels remain stranded in the strategic waterway, including 26 South Korean ships. Officials say clearer conditions are needed before plans can be finalized to ensure safe passage.
“We are prioritizing the safety of our vessels and crew while consulting with relevant countries,” a ministry spokesperson said, reiterating Seoul’s position that freedom of navigation must be guaranteed.
The uncertainty comes amid broader questions over the U.S.-Iran ceasefire.
U.S. President Donald Trump described the truce as a “total and complete victory” and suggested that most elements of a broader agreement had already been settled.
However, key details remain unclear, including the handling of Iran’s enriched uranium and the exact terms for reopening the strait.
Trump also indicated that China may have played a role in bringing Iran to the negotiating table, highlighting Beijing’s influence as a major buyer of Iranian oil.
South Korea’s Ministry of Trade, Industry and Energy estimated that if a transit fee of around $1 per barrel is introduced, global oil prices could rise by about 1 percent.
Given that roughly half of domestic fuel prices consist of taxes, this would translate into an estimated 0.5 percent increase in consumer fuel costs.
Officials cautioned that multiple variables remain, including whether Iran will impose such fees and how the international community would respond. There have been no confirmed requests for payment, and reports of alternative settlement methods such as cryptocurrency remain unverified.
In the meantime, Seoul is exploring alternative supply routes and sources.
Presidential Chief of Staff Kang Hoon-sik has arrived in Kazakhstan as part of an energy diplomacy mission and is scheduled to visit Oman and Saudi Arabia.
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