There are concerns that Korea will face a drop in oil supply and higher oil prices as the European Union's embargo on Iranian crude oil takes effect on July 1.

Under the sanctions, the EU also prohibits the insuring of ships carrying Iranian oil. Korea has reinsurance policies from European companies, and because oil carriers can't operate without them, Korea will have trouble importing oil from Iran.

Experts say Korea will inevitably face a shortage as close to 10 percent of its oil imports come from Iran.

The EU decided back in January to place an embargo on Iranian oil purchases amid growing suspicions that Tehran is developing nuclear weapons under the guise of an energy program.