2 hours ago
3
ADVERTISE HERE
A sign at a gas station shows the price of regular gasoline at 182 yen per litre in Tokyo on March 18, 2026. Oil prices sank on March 18 after Iraq said it had resumed exports through Turkey, avoiding the effectively closed Strait of Hormuz, while equities rose following another tech-led advance on Wall Street. – AFP photo
TOKYO (March 21): Iran is willing to help Japanese ships sail a vital route for global fuel supplies, Foreign Minister Abbas Araghchi told Kyodo News in an interview published on Saturday.
Japan depends on crude oil imports from the Middle East, most of which transits the Strait of Hormuz.
Iran has effectively closed the strait in retaliation for US-Israeli strikes, sending countries reliant on the shipping lane scrambling for alternative routes and tapping reserves.
In a telephone interview with Kyodo News on Friday, Araghchi denied closing the passageway, insisting instead that countries attacking Iran face restrictions, while others were being offered assistance.
“We have not closed the strait. It is open,” he said.
He added that Iran was prepared to ensure safe passage for Japan.
The world’s number-four economy is the fifth-biggest importer of oil, with 95 percent of it coming from the Middle East and 70 percent passing through the Strait of Hormuz.
On Monday, Tokyo said it was beginning the release of its strategic oil reserves — among the world’s largest.
The country holds reserves equivalent to 254 days of domestic consumption.
Members of the International Energy Agency agreed on March 11 to tap oil stockpiles to cushion the surge in prices caused by the war in the Middle East — by far the largest-ever response of its kind. – AFP
English (US) ·