Japan obtains first Russian crude since Hormuz crisis as Middle East tensions escalate

Japan received its first shipment of Russian oil since the Hormuz strait closure amid escalating US-Iran tensions. The US-led effort to reopen the strait (Project Freedom) continued as Iran warned of escalation and attacks on the UAE persisted. Global markets fell on renewed risk, with the IMF warning that a protracted conflict could worsen inflation and push oil prices toward $125 a barrel, potentially yielding a much worse outcome if the war drags into 2027.