ISTANBUL

Japan is planning to release 15 days' worth of oil reserves as early as Monday to ease a possible sharp rise in gasoline and other petroleum products' prices as the conflict in the Middle East affects energy supplies worldwide.

The announcement was made by Prime Minister Sanae Takaichi on Wednesday, according to Kyodo News.

Takaichi told reporters that Tokyo also plans to release 30 days’ worth of government-held oil without waiting for a coordinated decision by the International Energy Agency.

*Regional tensions escalated since Israel and the US launched joint strikes on Iran on Feb. 28, which have killed more than 1,200 people, including Ayatollah Ali Khamenei, who was the supreme leader, as well as over 150 schoolgirls.

Tehran retaliated with drone and missile strikes targeting Israel, Jordan, Iraq, and several Gulf countries hosting US military assets.

Iran also effectively closed the Strait of Hormuz around March 1. The strategic waterway normally handles about 20 million barrels of oil shipments daily and roughly 20% of the global liquefied natural gas trade. The move has already pushed oil prices above.

Notably, two Japanese ships were damaged this month while sailing through the Persian Gulf.