The Japanese government started releasing state-held oil to stabilise supplies amid the ongoing US-Israeli war with Iran, as part of the largest-ever drawdown of reserves stockpiled in the country.
The International Energy Agency (IEA) urged demand-side measures to ease consumer impacts from Middle East war disruptions. Reduced Strait of Hormuz flows tightened markets, cutting supply, pushing oil above $100 per barrel and raising refined product prices sharply.
Aramco, the world's top oil exporter, has cut crude supply to Asian buyers for a second month in April, two sources with knowledge of the matter said, after the US-Israeli war with Iran disrupted trade via the Strait of Hormuz.
Japan will begin releasing oil from state reserves on March 26, 2026, Prime Minister Sanae Takaichi said, following a similar move last week, aiming to ensure adequate nationwide petroleum supply and stabilize energy availability.
At least 150 tankers, including crude and LNG vessels, dropped anchor in open Gulf waters beyond the Strait of Hormuz and dozens more were stationary on the other side of the chokepoint, shipping data showed, after US and Israeli strikes on Iran plunged the region into turmoil.
Global oil prices surged on Monday as escalating hostilities in the Middle East rattled energy markets, raising fears of a prolonged supply disruption from one of the world’s most critical oil-producing regions.
Escalating tensions in the Middle East have sent shockwaves through global markets, pushing oil and gold sharply higher and raising questions on near-term outlook for regional equities, said a financial expert. Brent crude surged by 13% to $82 a barrel driven by fears of disruption in Strait of Hormuz.
OQ Exploration and Production (OQEP) reported 2025 revenue of $1.2 billion and EBITDA of $941 million (81% margin). Operating cash flow strengthened, and the company targets 300 kboepd production by 2030 while maintaining disciplined leverage and shareholder returns.
Benchmark Brent oil prices jumped above $119 a barrel on Thursday after Iran attacked energy facilities across the Middle East following Israel's strike on its South Pars gas field, a major escalation in the war. Meanwhile, Middle East benchmark Dubai and Oman premiums hit all-time highs at about $65 per barrel, according to trade sources and Reuters data.
The International Energy Agency's (IEA) member countries could release more oil into the market from strategic stockpiles "as and if needed" after they agreed the largest-ever reserves release last week to offset shortages and a spike in prices, its executive director said.
