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Japan oil import bill hits record high as crude prices surge

June Japan’s oil import value rose 59.3% year over year even as import volumes fell 13.7%, underscoring cost pressure from higher global crude.

Reported · Written up by our desk · Energy

Surging crude prices have pushed Japan’s oil import bill to an all-time high, reaching $89.46 billion last month, according to Reuters, citing government data.

Oil import totals in June were 25.4% higher than a year earlier, driven by international oil prices rising more than 50% over the 12 months since last July. Year to date, Brent and WTI have both surged by more than 60%.

Reuters also reported that while June imported oil volumes were down 13.7% year over year, the value of those imports jumped 59.3% based on government data.

Japan, a major energy importer, has been shifting away from Middle East supply, where it previously relied on as much as 95% of oil imports before the war began. With traffic in the Strait of Hormuz still running at sharply lower volumes compared with before March 2026, Japan has increased purchases from suppliers including the United States, Russia, Azerbaijan, South Sudan, and Sakhalin oil, with the tradeoff being heightened concerns about inflation, as noted by Daiwa Institute of Research economist Koki Akimoto.

Latest closeWTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%

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