Japan concerned about oil blockade

Japan is deeply concerned about the situation in the Middle East and disruptions to shipping through the Strait of Hormuz. Major Japanese shipping companies (Nippon Yusen, Mitsui OSK Lines, Kawasaki Kisen Kaisha) have already suspended shipments from the region. According to Nikkei, a prolonged blockade of oil and LNG supplies could sharply boost inflation in the country. After the conflict with Iran began last year, Japan actively diversified its gas sources, increasing imports from Russia by 28% in September. Traders in Japan, India, and other Asian countries are preparing for rising LNG prices—long-term contracts are linked to Brent crude oil, so higher oil prices will automatically increase gas costs.