Japan on Monday started to release oil from private-sector stockpiles to stabilize supply. The move comes as the Iran conflict disrupts tanker traffic from the Middle East, which supplies most of Japan’s oil. The fuel released amounts to 15 days of consumption. Oil-related companies in Japan hold reserves equivalent to 70 days. The government has a separate stockpile and is expected to release one month of supply later in March.
Benchmark WTI crude oil futures topped 100 dollars per barrel in New York trading again on Sunday. Concerns are growing that the de facto shutdown of the Strait of Hormuz could be prolonged, disrupting global oil supplies. The United States has struck Iran’s largest oil export hub amid intensifying fighting in the Middle East.
The Japanese defense chief has told his US counterpart that maintaining peace and stability in the Strait of Hormuz and other parts of the Middle East is critically important to Japan and the international community. They have agreed to maintain close communication. Japanese Defense Minister Koizumi Shinjiro received an overview from US Defense Secretary Pete Hegseth about the latest developments and outlook concerning the situation in the Middle East.