Seoul heavily affected by closure of strategic waterway and under heavy US pressure for participation against Iran.

South Korea is considering deploying P-8A Poseidon maritime patrol aircraft, mine-clearance specialists and a naval logistics support ship to the Strait of Hormuz as U.S. forces confront Iranian maritime threats in the region.

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.