Japan receives first Saudi crude cargo through Hormuz since Iran war

Japan is set to receive its first crude oil shipment through the Strait of Hormuz since the outbreak of the Iran war in February, signalling a tentative easing in one of the worst energy supply disruptions to hit global markets in decades.

The supertanker Idemitsu Maru, carrying about 2 million barrels of Saudi crude oil, is expected to arrive in Nagoya on May 25 after successfully navigating the Strait of Hormuz, according to shipping data from MarineTraffic. The cargo is destined for the Aichi refinery operated by Idemitsu Kosan.

The shipment is significant because it marks the first known delivery of Middle Eastern crude to Japan through the strategic waterway since hostilities erupted on February 28, triggering widespread disruption to energy flows across the Gulf.

The Strait of Hormuz, through which roughly one-fifth of global oil supply normally passes, has remained severely constrained by the conflict involving Iran, Israel and the US.

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The crisis has paralysed shipping routes, pushed crude prices above $100 per barrel at different points, and forced major Asian importers to scramble for alternative supplies.

Another Japan-bound tanker, Eneos Endeavor, has also cleared the Strait and is expected to arrive in Japan on May 30, indicating that some oil cargoes are beginning to resume movement through the chokepoint after nearly three months of disruption.

Japan has been among the countries hardest hit by the crisis because of its heavy dependence on Middle Eastern crude. More than 90 percent of the country’s oil imports typically originate from the Gulf, with most shipments transiting through Hormuz.

The impact on Japan’s energy supply chain has been severe. Preliminary trade data from Japan’s Finance Ministry showed that crude imports from the Middle East plunged by 67.2 percent in April compared to the same period last year, the sharpest drop on record since comparable data began in 1979.

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Since the conflict began, Tokyo has moved aggressively to secure alternative crude supplies outside the Gulf and released oil from emergency reserves to stabilise domestic markets and refinery operations. Analysts say the crisis has exposed the vulnerability of Asian economies that rely heavily on imported fossil fuels.

Research by Zero Carbon Analytics showed that Japan faces the highest direct exposure to supply disruptions through the Strait of Hormuz among major Asian economies because of its overwhelming dependence on imported oil and gas.

The International Energy Agency has warned that global oil markets are approaching a “red zone” as inventories continue to tighten amid the prolonged disruption in the Gulf.

Oil markets remain volatile despite signs that a limited number of tankers are resuming operations. Brent crude has continued to fluctuate above the psychologically important $100 per barrel mark as traders assess the risks of prolonged instability in the Middle East.