Japan Releases Oil Amid Hormuz Uncertainty

Japan plans to release an additional 20 days' worth of oil reserves starting in early May, following an earlier release of 50 days' worth since mid-March. This action, announced by Prime Minister Sanae Takaichi, aims to stabilize energy prices and ensure a stable supply of crude oil amidst uncertainty over the reopening of the Strait of Hormuz. The Strait of Hormuz was effectively blocked by Iran after U.S.-Israeli strikes in late February. Although the United States and Iran agreed to a conditional two-week ceasefire, Israel has reportedly continued to attack the Iran-affiliated Hezbollah militant group, contributing to the ongoing instability and uncertainty regarding the Strait of Hormuz's reopening. Japan relies on the Middle East for over 90% of its crude oil imports, making the Strait of Hormuz a critical artery for its energy security.