Following a joint attack by the United States and Israel in Iran, the Strait of Hormuz has effectively been shut, raising global concerns over energy supply. In response, Japan has decided to release a portion of its strategic oil reserves.
Alongside releasing reserved oil, Japan has also initiated measures to cap fuel prices to help stabilize domestic energy supply. With 95% of its crude oil imported from the Middle East, the unrest in the Strait of Hormuz poses a significant risk to Japan’s energy security.
Fishermen and seafood businesses in Misaki, south of Tokyo, are already feeling the pressure of rising fuel costs. Local restaurant managers and trawler crews reported that high fuel prices are directly affecting both their operations and the cost of food.
Government officials warned that if instability in the Middle East continues, oil imports could decrease significantly, prompting measures to provide emergency supplies to refineries.