By Heejin Kim and Kyu-seok Shim SEOUL, Sept 4 (Reuters) - South Korea is reviewing options, including military measures, to support freedom of navigation in the Strait of Hormuz, the presidential office said on Friday,

Two oil tankers have been struck by unknown projectiles on the Strait of Hormuz amid renewed fighting between Iran and the United States.

"Harsh punishment awaits the aggressors. The United States will regret its new attacks," an IRGC spokesman said.

Asian economies are racing to build up storage capacity to reduce their exposure to conflict in the Middle East.

U.S. Energy Secretary Chris Wright has said that more than 17 million barrels of oil transited through the Strait of Hormuz on Monday—a record during the U.S.–Iran conflict—due to American military protection.

Treasury Secretary Scott Bessent just told G20 finance chiefs the Strait of Hormuz will stop mattering to global oil within two years, but Iran is already mining the waterway and threatening to attack neighboring energy infrastructure.

Former CIA station chief Dan Hoffman joins 'America's Newsroom' to discuss the escalating conflict as the U.S. and Iran trade strikes over the Strait of Hormuz.

Oil prices held on to Tuesday's gains after the U.S. and Iran exchanged strikes overnight, clouding prospects for a near-term deal to reopen the Strait of Hormuz. "These latest developments have underscored the lack of a realistic path towards normalizing maritime traffic through the Strait,