Overview
- Provisional trade data show Japan's April 2026 imports of Middle East crude fell 67.2% year‑on‑year to the lowest April level on record, and LNG shipments from the region plunged 76.1%.
- The shortfall resulted from Iran war‑related blockades and de facto closures of the Strait of Hormuz, a chokepoint that historically handled more than 90% of Japan's crude transits.
- Late‑April clearances of VLCCs produced the first confirmed Middle East shipments to Japan, with the Idemitsu Maru carrying about 2 million barrels due in Nagoya around May 25 and the Eneos Endeavor expected in Kiire around May 30.
- Japan has tapped its strategic reserves as part of an IEA/G7 coordinated release of stocks and has diversified purchases with cargoes from Azerbaijan and Latin America, moves that helped refinery throughput climb above 70% in May.
- Energy markets and domestic fuel supplies have eased but remain vulnerable because full recovery depends on sustained maritime access through the Gulf of Oman and additional non‑Middle East cargoes arriving.