If you’ve seen the news lately, you’ve likely seen headlines about the ongoing conflict in the Middle East. For some of us, it may seem like a faraway conflict that in no shape or form affects us individually. Unfortunately, anyone who holds that view would be mistaken.
According to the Ministry of Economy, Trade and Industry (METI) and the Agency for Natural Resources and Energy, Japan’s reliance on Middle Eastern crude oil and gas hit 95.4%, the highest on record since 1965. A vast majority of that, around 80–90%, must pass through the Iranian-controlled Strait of Hormuz. This reliance is a problem, as the strait is currently closed, and a commander in Iran’s Revolutionary Guard Corps warned that“If anyone tries to pass, the heroes of the Revolutionary Guard and the regular navy will set those ships ablaze.”
This blockage had an immediate impact on gas prices, as oil prices increased by over 12% following the first strikes, but even this could be just the tip of the iceberg. In late February, the average retail price of regular gasoline was around ¥157.1 per liter (METI). Now, analysts at Yomiuri Shimbun predict that, in a “worst-case scenario,” this figure could climb to ¥320 per liter. If this situation were to play out, consumers would pay nearly ¥13,000 to fill an average 40L tank. So, for the many students and faculty who travel to and from school every day with cars, this would be a significant financial strain.
Furthermore, this conflict has made the value of the Yen even weaker. Following the strikes, the Yen dropped further, valuing an abysmal ¥157 to USD. This is also connected to the international dependence Japan has on oil. When oil prices increase, Japan has to sell more Yen to buy the dollars needed to pay for that oil. This means that everything becomes more expensive for those who earn in the Yen, from the next iPhone to luxury imported wines.
As seen, we live in a connected world, where conflicts thousands of kilometers away can have ripple effects on every consumer like us. The best we can do is to stay updated on credible, unbiased news and to hope for a swift and peaceful end to this crisis.
Works Cited
“Al Jazeera News. ‘IRGC Commander Statement on the Strait of Hormuz.’ 1 Mar. 2026.”
Bank of Japan. “Foreign Exchange Rates: Daily Japanese Yen/US Dollar.” Bank of Japan Statistics, 4 Mar. 2026.
Ministry of Economy, Trade and Industry (METI). “Preliminary Report on Petroleum Statistics for Fiscal Year 2025-2026.” Agency for Natural Resources and Energy, 28 Feb. 2026.
“The Strait of Hormuz: A Global Choke Point.” U.S. Energy Information Administration (EIA), 2024.
“Worst-Case Scenario: Gasoline Prices May Hit ¥320.” The Yomiuri Shimbun, 2 Mar. 2026.
