Japan to buy another 20m barrels of UAE oil to bypass Hormuz blockade

Commodities Port on Gulf of Oman provides alternative, but Iran strike shows stability still needed The United Arab Emirates supplies roughly 40% of Japan’s crude oil. © Reuters RYUTO IMAO and MASATOSHI IDA TOKYO — Japan has agreed to buy an additional 20 million barrels of crude oil from the United Arab Emirates, Nikkei learned Wednesday, as Tokyo continues pursuing alternative supply channels amid the effective blockade of the Strait of Hormuz.