Japanese Prime Minister Sanae Takaichi announced the country will release part of its oil reserves starting March 16, in response to supply disruptions caused by the blockade of the Strait of Hormuz.
The prime minister stated Japan plans to release 15 days' worth of private-sector oil reserves and one month's worth of state oil reserves, as reported by Reuters.
The US-Israeli strikes on Iran sparked a conflict that has resulted in the blockade of the Strait of Hormuz, threatening to hit any ship that passes through it.
The Strait of Hormuz, which accounts for a fifth of the world's oil supply, has been effectively shut down by Iran and its allies, who have been retaliating against targets across the oil-rich Gulf.
The Group of Seven (G7) advanced economies have inched closer to using strategic oil reserves to tackle the rise in crude oil prices due to the Middle East conflict.
The announcement comes ahead of a G7 video conference meeting chaired by French President Emmanuel Macron, where leaders will discuss the widespread economic fallout from the US-Israeli war with Iran.
