Impacted by supply disruptions in the Strait of Hormuz and a weakening yen, Japan's crude oil import prices in June hit a record high.

智通财经2026/07/22 08:01

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(1) On July 22, Japan’s Ministry of Finance released data showing that due to the closure of the Strait of Hormuz, which led to supply disruptions and rising energy prices, Japan's crude oil import prices denominated in yen hit a historic high in June, breaking records for the third consecutive month. (2) After customs clearance, import prices rose 84.7% year-on-year to 117,684 yen per kiloliter (approximately $722), surpassing the previous high of 114,076 yen per kiloliter set in May, marking the highest level since comparable records began in 1979. (3) Denominated in US dollars, the price was $117.16 per barrel, the ninth highest level in history. (4) In addition to geopolitical factors, the ongoing weakening of the yen, along with rising insurance and transportation costs, were important drivers behind the increase in import prices.

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