As the situation in the Middle East shows no sign of returning to normal anytime soon, the Strait of Hormuz remains closed, preventing nearly one-fifth of the world’s oil exports from reaching their destinations.
On Friday, Japan will begin to release another 20 days’ worth of oil from its domestic stockpiles. The use of stockpiles has led to potential fears about the ripple effect of a shortage on industries and individual consumers.
Here’s a look at the situation.
