The International Energy Agency is releasing 400 million barrels of oil from strategic stockpiles to lower prices, as global oil futures reach over $100 per barrel. Japan is supplying 80 million barrels, second only to the United States, which will release 172 million barrels from its reserves.

Asian countries significantly rely on trade through the Strait of Hormuz, which has been severely impacted by the war. Japan encourages enterprises to explore alternative trade routes and diversify energy sources, particularly from the west coast of North America.

“Almost 80% of natural gas passing through ​the Strait ⁠of Hormuz is exported to Asian countries. So Asian countries are affected by this blockage of Hormuz very ⁠severely,” ​Matsuo added.

Japan has around three weeks of gas supply remaining, he stated.