Japan is set to refill its national strategic oil reserves, which were previously tapped to mitigate the impact of the US-Iran conflict. The country's Ministry of Economy, Trade and Industry has earmarked 385 billion yen ($2.5 billion) for procurement in the fiscal year commencing next April, according to documents initially released in late August.

Similar to other developed nations, Japan released its reserves to respond to the crisis while simultaneously exploring alternative supply sources. Prior to the outbreak of the Middle East war, over 90% of Japan's crude oil imports originated from that region, leaving the country particularly susceptible to supply disruptions.

Following the release of reserves, Japan's strategic oil stockpiles equaled 103 days of demand as of September 6th, a decline from the 146 days recorded before the conflict.