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Japan's Yen-Denominated Crude Oil Import Price Hits Record for Third Consecutive Month in June

On July 22, data released by Japan's Ministry of Finance on Wednesday showed that Japan's June crude oil import price, denominated in yen, hit a record high for the third consecutive month due to supply disruptions caused by the closure of the Strait of Hormuz and rising energy prices. The customs-cleared import price surged 84.7% year-on-year to 117,684 yen per kiloliter (approximately $722), marking the highest level since comparable records began in 1979, surpassing the previous record of 114,076 yen per kiloliter set in May. In dollar terms, the price stood at $117.16 per barrel, the ninth highest on record. A weaker yen, along with higher insurance and transportation costs, also contributed to the price increase.

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