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Asian stock markets surged after the US and Iran announced a deal to end the war and reopen the Strait of Hormuz, sending oil prices down more than 4 percent. Japanese and South Korean benchmarks led gains, with US futures also rising. The agreement, confirmed by both sides, is expected to ease global inflation fears ahead of the Fed's rate decision.
Japan’s crude oil imports from the Middle East fell by 67.2% in April 2026 compared to a year earlier, reaching the lowest level since records began in 1979. This record decline signals a major shift in Japan’s energy sourcing strategy, which has been heavily dependent on the region for decades.
Crude oil imports from the Middle East dropped 67% in April year-on-year, a record decline that underscores major shifts in the global energy market. Weakening demand and policy changes in importing countries are cited as key factors. The slump may pressure global prices and push exporters to diversify markets.
Japan's crude oil imports from the Middle East in April 2026 fell to an all-time low, according to the Ministry of Finance. The decline reflects Tokyo's strategy to diversify energy sources, including increased purchases from Russia and the Americas, and a greater reliance on renewables and LNG.
Angola’s ambassador to South Korea said the country is ready to prioritize crude oil supplies to Seoul to ease supply difficulties caused by the Middle East crisis. This is expected to foster long-term energy cooperation between the two nations.
Chinese President Xi Jinping has expressed interest in purchasing more US crude oil, according to the White House. The move is part of ongoing efforts to improve bilateral trade relations and reduce the US trade deficit with China.
Brent crude prices surged after a clash between US and Iranian forces in the Strait of Hormuz, testing a fragile ceasefire and raising energy security concerns. The firefight involved missiles, drones, and small vessels, though both sides later downplayed the incident. Asian and US stock markets fell amid the uncertainty.
Japan's Nikkei index surged more than 5% on May 2, hitting a new intraday high on hopes of a US-Iran deal to end the Middle East conflict. Crude oil futures also fell, boosting investor sentiment.
Venezuela's state-run oil company PDVSA reported that the country's daily crude oil production has reached 1.2 million barrels. The milestone is seen as a positive signal for the industry's recovery after years of decline due to sanctions and economic crisis. PDVSA has not provided details on what drove the increase or plans for maintaining the growth.
