Japan bought a shipment of oil from the Russian Federation due to the situation in the Strait of Hormuz

The Japanese company Taiyo Oil has purchased a shipment of Sakhalin Blend grade Russian crude from Sakhalin as part of efforts to diversify its supply sources outside the Middle East. This was announced on May 2 by a company representative in an interview with TASS.

"[The Company] has a social responsibility to ensure stable supplies of petroleum products and acts appropriately in cooperation with the [Japanese] Agency for Natural Resources and Energy <...> Efforts are being made to diversify supplies [from regions] outside the Middle East," said a representative of Taiyo Oil.

At the same time, the company stressed that Sakhalin Blend oil is not subject to sanctions, but a final decision on subsequent purchases of Russian oil has not yet been made.

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From the trading data of the ICE exchange on April 30, it became known that the price of Brent crude oil exceeded the level of $126 per barrel for the first time since March 2022. As of 9:30 a.m. Moscow time on the same day, the peak price of June oil futures rose by 7.1% relative to the previous close, to $126.41.

On April 23, US President Donald Trump announced that until an agreement with Iran is concluded, no ship in the Strait of Hormuz will enter or leave without the approval of the US Navy.