Japan's top government spokesperson stated on Monday that the government has no plans to release oil from its strategic reserves, even though some tankers bound for Japan are stranded in the Gulf region due to conflicts involving Iran. Japan relies on the Middle East, primarily Saudi Arabia and the United Arab Emirates, for approximately 95% of its crude oil supply. Roughly 70% of this oil transits through the Strait of Hormuz, a narrow shipping channel situated between Iran and Oman.

Under normal circumstances, oil tankers from Saudi Arabia, the UAE, Iraq, Iran, and Kuwait transport a volume equivalent to one-fifth of global daily demand, primarily to buyers in Asia. This route is also used by liquefied natural gas carriers from Qatar, the world's second-largest LNG producer. However, following military strikes by the United States and Israel against Iran over the weekend, Japanese shipping companies have begun suspending operations near the Strait of Hormuz.

"Some crude oil tankers heading to Japan from the Middle East are waiting in the Persian Gulf, avoiding passage through the Strait of Hormuz," Chief Cabinet Secretary Yoshimasa Hayashi said during a press briefing. He added that Japan has no immediate plans to tap its strategic crude oil reserves. Japan holds one of the world's largest stockpiles of crude oil.

Japan maintains petroleum reserves equivalent to 254 days of net imports. The country has previously released reserves to help stabilize global oil markets, most recently in 2022 following Russia's full-scale invasion of Ukraine, in coordination with the International Energy Agency and other entities. An official from Japan's Ministry of Economy, Trade and Industry said on Monday that, so far, there have been no requests for international coordination regarding a reserve release.