Japan relies on the Middle East for more than 90% of its crude oil imports. Japanese oil companies are requesting the release of national strategic reserves of crude oil.

International investment banks Goldman Sachs and UBS recently raised their forecast prices for Brent crude oil in the second quarter of this year by $10, to $76 and $72 per barrel, respectively. Goldman Sachs' latest research report believes that the duration of the closure of the Strait of Hormuz is a key variable affecting the trend of oil prices. The disruption of energy product exports from the Middle East has attracted high attention from multiple countries in Asia. The Ministry of Trade, Industry and Energy in South Korea issued a first-level warning on the 5th, warning against market-disturbing behaviors such as price manipulation. As one of the world's important shipping hubs, Singapore is also the world's largest bunker fuel port. Local bunker fuel suppliers have recently stated that they can only fulfill partial bunker fuel delivery agreements. In addition, over 90% of Japan's crude oil imports rely on the Middle East, and some refining companies have recently applied to the government for the release of national strategic reserves of crude oil to deal with potential energy crises.