Japan

Japan, despite its 99% oil import dependency and direct exposure to the Strait of Hormuz, maintains a relatively low risk profile due to robust strategic reserves. The nation holds 145 days of oil reserves, providing a significant buffer against current supply disruptions, with emergency IEA stocks already being drawn down. While gasoline prices are high at $2.18/L, and fertilizer costs have risen by 68%, Japan's strong economic fundamentals and diversified energy procurement strategies mitigate immediate collapse. The coming weeks will see continued reliance on strategic stockpiles and efforts to secure alternative supply routes to maintain stability.