Japan and Germany announced plans to release oil from their strategic reserves as Middle East supply disruptions drive prices higher. Prime Minister Sanae Takaichi said Japan would begin releasing oil as early as next Monday, with Germany's economy minister Katherina Reiche following suit less than an hour later.

International oil prices surged to nearly $120 a barrel after flows through the Strait of Hormuz effectively halted, though prices have since fallen to around $91 a barrel. This remains significantly higher than the $73 a barrel before the United States and Israel began attacking Iran on February 28. The coordinated action by Japan and Germany marks the most forceful response to oil price surges since the conflict began.

The International Energy Agency estimates its members hold about 1.2 billion barrels in reserve, representing approximately 120 days of global oil demand. Britain's Chancellor Rachel Reeves said the country would also participate in releasing strategic oil reserves. The announcements precede a meeting of world leaders hosted by French President Emanuel Macron to discuss energy policy.