JAPAN DRAINS EMERGENCY OIL STOCKS AS STRAIT OF HORMUZ BLOCKADE BITES
Japan just triggered its first emergency oil reserve release in half a century. Starting March 16, 2026, the country begins drawing down private stocks equivalent to 15 days of supply and will tap full state reserves to cover roughly a month.
With total stockpiles at 254 days—one of the largest cushions on the planet—Japan is still staring down a brutal reality: 95% of its crude imports normally flow through the now-blockaded Strait of Hormuz. The narrow chokepoint carries 21% of global oil trade.
The move buys time and prevents immediate shortages, but the clock is ticking hard.
If the Iran–US conflict keeps the strait closed for weeks, elevated global crude prices and supply stress across Asia become almost certain. Markets are already pricing in the risk