International

Japan Announces Largest Oil Reserve Release as Hormuz Crisis Deepens

Published

3 months ago

March 24, 2026

Japan Announces Largest Oil Reserve Release as Hormuz Crisis Deepens

Japan is set to begin its largest-ever release of oil from strategic reserves, as the government moves to shield its economy from potential supply shocks linked to the escalating conflict involving the United States, Israel, and Iran.

Prime Minister Sanae Takaichi announced that Tokyo will start releasing state-owned crude reserves later this week, expanding earlier measures that tapped private-sector stockpiles. The decision reflects growing concern that instability in the Middle East could disrupt tanker traffic through the Strait of Hormuz, a vital corridor for global energy supplies.

Japan had already approved the release of oil equivalent to about 15 days of private-sector reserves. The latest move will significantly scale up that intervention, with a total of roughly 80 million barrels—about 45 days of domestic demand—to be made available to refiners. Officials say this is 1.8 times larger than the emergency release carried out after the 2011 Fukushima disaster.

The decision comes as global markets remain volatile due to fears that the ongoing conflict could choke off a major share of the world’s oil supply. The Strait of Hormuz handles a substantial portion of global crude exports, and any prolonged disruption could trigger severe price spikes and supply shortages worldwide.

Japan remains particularly vulnerable. The country imports over 90 percent of its crude oil from the Middle East, making it highly exposed to geopolitical shocks in the region. As of late last year, Japan held an estimated 470 million barrels in total reserves, equivalent to about 254 days of domestic consumption, providing a critical buffer against supply disruptions.

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In addition to drawing down reserves, Tokyo is coordinating closely with the International Energy Agency (IEA) and other partner countries, which have discussed coordinated releases to stabilize global oil markets amid the crisis.

Despite pressure from Donald Trump for Japan to take a more active security role in the region, including deploying maritime forces, Takaichi declined, citing constitutional limitations. Japan’s pacifist postwar constitution restricts overseas military operations, particularly in high-risk zones such as the Strait of Hormuz.

Takaichi emphasized that stability in the Middle East is critical not only for Japan but for the global economy, adding that Tokyo will continue to pursue diplomatic engagement with international partners to reduce tensions and ensure the safety of key shipping routes.

To cushion the domestic impact of rising energy costs, the Japanese government has also introduced fuel subsidies, aiming to cap gasoline prices at around ¥170 per litre (approximately $1.10). This follows a surge in retail fuel prices to a record ¥190.8 per litre, driven by global supply concerns.

Meanwhile, authorities are working to calm public anxiety after reports of panic buying, particularly of household essentials like toilet paper. The Ministry of Economy, Trade and Industry has urged consumers to avoid hoarding, warning that misinformation on social media could trigger unnecessary shortages.

Officials stressed that nearly all toilet paper sold in Japan is domestically produced using recycled materials, making it largely independent of Middle Eastern imports. Industry groups have also reassured the public that production capacity remains stable and can be ramped up if needed.

The government’s warning echoes past crises—including the COVID-19 pandemic and the 1973 oil shock—when panic buying disrupted supply chains despite adequate production levels.

While the record oil release is expected to provide short-term relief, analysts caution that sustained stability will depend on developments in the Middle East, particularly the security of the Strait of Hormuz and the trajectory of ongoing diplomatic efforts.

Japan Announces Largest Oil Reserve Release as Hormuz Crisis Deepens

International

‘Britain Is Not Ungovernable’ — Badenoch Attacks Starmer Following Resignation

Published

1 day ago

June 23, 2026

Trends Admin

‘Britain Is Not Ungovernable’ — Badenoch Attacks Starmer Following Resignation

Leader of the UK Conservative Party, Kemi Badenoch, has launched a blistering attack on outgoing Prime Minister Keir Starmer, describing him as “a terrible Prime Minister” following his shock resignation after less than two years in office. Starmer announced his resignation on Monday, June 22, after months of mounting political pressure, poor electoral performances, and growing public dissatisfaction. The announcement came after Labour suffered heavy losses in local council elections in May, shedding more than 1,000 seats, and following intense pressure from senior cabinet ministers urging him to set out an exit timetable. Starmer’s departure makes him the sixth UK prime minister in a decade to announce a premature departure from office.

Reacting in a post on X, Badenoch blamed Starmer’s administration for what she described as a series of policy failures, insisting Britain was “not ungovernable.” She accused the Labour government of hiking National Insurance contributions, introducing what she called the “Family Farm Tax,” abandoning meaningful welfare reforms, underfunding defence, failing to expand domestic oil and gas production, and appointing Peter Mandelson before allegedly misleading the public about the circumstances. “Hiking national insurance. The Family Farm Tax. Giving up on real welfare reform. Not funding our defence. Not drilling our own oil and gas. Appointing Peter Mandelson… then lying about what had happened,” she wrote. “Britain is not ungovernable. Keir Starmer is a terrible Prime Minister,” she declared.

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The Conservative leader argued that the problem extended beyond Starmer personally, accusing Labour lawmakers of prioritising higher taxes to fund increased welfare spending. “But the problem isn’t just Starmer. Labour MPs only want higher taxes to hand out more benefits, as the Welfare Secretary has pointed out. These are Labour’s choices and their values, regardless of who is running the party,” Badenoch added. She called for a return to Conservative leadership, saying, “We need to get Britain working again. We need the Conservatives.”

In his resignation speech outside 10 Downing Street, the outgoing prime minister said every decision he took had been motivated by putting Britain first and pledged to remain in office until Labour elects a new leader. He became emotional and broke down in tears as he finished his speech, thanking his wife, Vic, for her support and expressing his desire to spend more time with his family. “The question my party is asking now is whether I am best placed to lead us into the next general election,” Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.” He revealed that nominations for the Labour leadership would open on July 9 and close before Parliament’s summer recess on July 16, with the transition expected to be completed by September.

Former Greater Manchester Mayor Andy Burnham, who was sworn in as MP for Makerfield hours after Starmer’s resignation, has already announced he will put himself forward for the leadership. His main rival, former Health Secretary Wes Streeting, has withdrawn from the race and endorsed Burnham, clearing his path to become the next Prime Minister. Burnham, 56, has pledged to focus on economic growth, the cost-of-living crisis, public services, housing, and opportunities for younger generations. If elected, he would have to resign as mayor of Greater Manchester, a post he has held since 2017, triggering an early election for that office. Britain is set to have its seventh prime minister in a decade, underlining the political instability that has characterised the country since the Brexit referendum in 2016.

‘Britain Is Not Ungovernable’ — Badenoch Attacks Starmer Following Resignation

International

Andy Burnham Declares Bid to Succeed Keir Starmer as UK Prime Minister

Published

2 days ago

June 22, 2026

Trends Admin

Andy Burnham Declares Bid to Succeed Keir Starmer as UK Prime Minister

Former Greater Manchester mayor launches leadership bid after Starmer’s resignation, with Wes Streeting backing him and a radical plan to reverse privatisation.

Andy Burnham has formally declared his candidacy to succeed Keir Starmer as Leader of the Labour Party and Prime Minister of the United Kingdom, hours after being sworn into the House of Commons on Monday. In a post on X, Burnham thanked Starmer for his service and said his resignation “marks the beginning of a transition and it is important that this process is conducted in an orderly and responsible way. I will put myself forward as part of this process.” He further stated that “the country expects stability, seriousness and a continued focus on the issues that matter most,” specifically citing progress on economic growth, the cost of living, public services, housing, and opportunities for the next generation. He emphasised that political change should never distract from the responsibility to improve people’s lives.

The path to a coronation appeared to clear further on Monday after former Health Secretary Wes Streeting, until recently considered a leading contender for the leadership, announced he would back Burnham rather than mount a rival challenge. Streeting said he was convinced that Burnham “is committed to building an inclusive party that draws on the best of our political traditions and that he can win the fight of our lives against the force of nationalism.” Calling for unity, Streeting urged the party to avoid spending the summer exaggerating small differences and instead roll up their sleeves to help Burnham deliver the change the party and the country need.

Burnham, 56, secured his return to Parliament last Thursday after decisively winning the Makerfield by-election in north-western England, a seat he needed to mount a formal leadership bid. He had signalled his intentions in his victory speech, warning that Labour had a “final chance to change” and pledging to “lay out a new path for Britain.” Under Labour rules, Starmer will remain caretaker Prime Minister until the new leader is chosen, with the leadership process expected to launch in July and a successor in place by September ahead of the party’s annual autumn conference. Should Burnham prevail, he would become the United Kingdom’s seventh prime minister since the Brexit vote in 2016.

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At the heart of Burnham’s political platform is “Manchesterism,” an approach centred on local delivery, integrated public services, and a more active state. Drawing on his record as Mayor of Greater Manchester—where he introduced the Bee Network to re-regulate buses and standardise fares—Burnham argues that reasserting public control over essential services can deliver better outcomes for less money. A policy paper titled The Productive State, released on Monday by the Labour group Mainstream, provides a detailed blueprint for this agenda. It argues for a framework to reverse 40 years of privatisation, particularly in failing utilities, through measures such as special administration regimes, where the government steps in when companies like Thames Water face financial distress; bond-for-share exchanges, which would allow the state to bring healthy utility companies into public control without a massive upfront cash expense (though this would require legislation and likely face legal challenges); and establishing state competitors by setting up public corporations to compete with private providers. The essay argues that privatisation has led to a “privatisation premium”—a regressive hidden tax embedded in everyday bills that transfers wealth from households to investors. The state is then forced to subsidise inflated costs with welfare transfers, such as housing benefit or energy bill support. The paper contends that for millions of households, the basic non-negotiable expenses of life—rent, energy bills, water charges, transport fares, the cost of care—now consume so large a share of their income that insecurity has become a permanent condition. The ultimate goal, the paper states, is “an economy … in which the essentials of life are treated as rights rather than revenue streams”.

The Labour leadership contest appears increasingly likely to be uncontested, with Streeting’s endorsement removing Burnham’s most prominent rival. Reports indicate Burnham has secured the backing of over 200 MPs, with some allies suggesting the number could be closer to 300. Under Labour Party rules, a challenger needs nominations from at least 20% of the parliamentary party (currently 81 MPs) to force a contest. With Streeting withdrawing and Burnham’s support surging, a “coronation”-style transfer of power is now the most probable outcome. However, some MPs have expressed a desire for Burnham’s ideas to face “scrutiny” through a contested race.

Burnham’s policy platform can be broken down across several key areas. On utilities and privatisation, he proposes reversing 40 years of privatisation through bond-for-share exchanges and special administration regimes to bring failing utilities under public control, arguing that privatisation has created a “privatisation premium” that makes essentials unaffordable and drains public finances. On housing, he advocates a massive expansion of social housing and reform of the housing market to tackle the housing crisis and reduce the cost of housing benefit. On the economy and taxation, he proposes exploring a wealth tax, offering tax cuts for small businesses, and borrowing for investment, seeking to stimulate economic growth while addressing inequality. On devolution and governance, he champions radical devolution of powers to local governments and reform of the first-past-the-post voting system, aiming to address resentment towards the “London-centric” establishment and give more power to communities.

Looking ahead, the Labour Party’s leadership contest is expected to be formally triggered in July, with a new leader in place by September. If Burnham is the sole candidate, he could potentially take over sooner. However, the political climate remains turbulent, with Nigel Farage’s Reform UK party posing a significant challenge, particularly in the “Red Wall” seats that Labour needs to retain. Burnham’s ability to navigate the fiscal constraints of the Treasury, market concerns, and the threat from the right will be crucial to his success if he enters No 10. For now, his “Manchesterism” pitch has put him firmly in the driver’s seat to become the UK’s next Prime Minister.

Andy Burnham Declares Bid to Succeed Keir Starmer as UK Prime Minister

International

Trump Predicts Starmer’s Resignation, Blames UK PM’s Immigration, Energy Policies

Published

3 days ago

June 21, 2026

Trends Admin

United States President Donald Trump and British Prime Minister Keir Starmer

Trump Predicts Starmer’s Resignation, Blames UK PM’s Immigration, Energy Policies

United States President Donald Trump has sparked fresh political debate in Britain after predicting that UK Prime Minister Keir Starmer will eventually resign from office, citing what he described as failures in tackling two of the country’s most pressing challenges — immigration and energy policy.

Trump made the remarks in a post published on his Truth Social platform, where he criticised Starmer’s handling of border control and the British government’s approach to energy production.

“Keir Starmer will resign as Prime Minister of the United Kingdom. He failed badly on two very important subjects – immigration and energy (open North Sea oil!). I wish him well!” Trump wrote.

The statement marks the latest in a series of public criticisms directed by the American president at the British leader and comes at a time when Starmer is facing growing political scrutiny at home.

Trump has repeatedly argued that Britain should increase oil and gas exploration in the North Sea, insisting that greater domestic energy production would strengthen the economy, improve energy security and reduce dependence on external energy sources.

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The US president has also been vocal in his criticism of policies aimed at accelerating the transition to renewable energy, warning that excessive reliance on green energy initiatives could weaken industrial competitiveness and drive up costs for consumers and businesses.

His latest comments reflect a broader disagreement between Washington and London over energy priorities. While the Starmer government has maintained its commitment to achieving net-zero carbon emissions and expanding clean energy infrastructure, Trump has consistently advocated for increased fossil fuel production and energy independence.

The American leader’s intervention comes as political pressure continues to mount on the Labour government.

In recent weeks, reports from British media have pointed to increasing concerns within the ruling Labour Party over the government’s performance, electoral standing and long-term political direction.

Several ministers have reportedly stepped down from government positions in recent months, while growing calls have emerged from within Labour ranks for greater clarity regarding Starmer’s future leadership plans.

The pressure intensified following a strong by-election performance by Labour figure Andy Burnham, whose political success has fuelled speculation about possible leadership changes within the party.

Supporters of Burnham argue that his electoral appeal demonstrates an ability to reconnect with voters and challenge the growing influence of rival political movements, particularly Reform UK, which has continued to gain traction among disaffected voters.

Reports in the British press have suggested that some Labour lawmakers have privately encouraged discussions about a future leadership transition, while others have urged Starmer to provide assurances regarding his political intentions ahead of future elections.

Despite the speculation, there has been no official indication from Downing Street that the Prime Minister intends to resign.

Starmer has publicly maintained that he remains committed to leading the government and continuing the implementation of Labour’s policy agenda.

Political analysts note that Trump’s remarks are unusual because they go beyond criticism of government policy and directly predict the departure of a sitting foreign leader.

The comments have also reignited debate about the future of Britain’s energy strategy, immigration policies and the political challenges facing the Labour government as it seeks to maintain public support amid economic and social pressures.

Observers say the Prime Minister’s ability to manage internal party concerns, address voter dissatisfaction and deliver on key policy promises could prove crucial in determining the stability of his leadership in the months ahead.

For now, Starmer remains in office, but Trump’s intervention has added a new international dimension to an already intense political debate over the future direction of British politics.

As discussions over immigration, energy security and economic growth continue to dominate public discourse, the exchange between the two leaders is likely to remain a major talking point on both sides of the Atlantic.