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Japan's Crude Oil Import Prices Hit Record High in June, Up 84.7% Year-Over-Year

2026-07-22 07:51:08

According to Japan's Ministry of Finance, the country's crude oil import prices reached a record high in yen terms in June, climbing for the third consecutive month. Prices hit 117,684 yen per 1,000 liters (approximately $722) after customs clearance, marking the highest level since comparable records began in 1979 and surpassing May's previous record of 114,076 yen per 1,000 liters. Year-over-year, the price rose 84.7%. In dollar terms, the price reached $117.16 per barrel, the ninth-highest level on record. Supply disruptions due to the Strait of Hormuz closure, rising energy prices, and yen weakness contributed to the increase.

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