Overview
- Attacks around Iran choked tanker traffic through the Strait of Hormuz, and a fragile ceasefire left the reopening uncertain.
- Governments and the International Energy Agency coordinated emergency stock releases to steady near‑term supply.
- European and Asian buyers sought other fuel sources, leaning more on coal and renewables and reconsidering nuclear plant retirements.
- Japan, which relies on the Middle East for more than 95% of its crude, faced a sharp squeeze and executed its largest strategic reserve release.
- Analysts say Japan must retool refineries to run non‑Middle Eastern crude and restart more nuclear plants to reduce long‑term risk.