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Japan Releases Strategic Oil Reserves as Crude Surpasses $106 Amid Strait of Hormuz Closure

Japan has begun tapping into its national oil reserves as global crude prices surge past $106 per barrel following the effective closure of the Strait of Hormuz. The escalating conflict in the Middle East is now driving up costs for essential goods, including bread and groceries, worldwide.

Ji-woo ParkJi-woo Park
March 16, 202646 views
Japan Releases Strategic Oil Reserves as Crude Surpasses $106 Amid Strait of Hormuz Closure
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