European nations and Japan to participate in Hormuz Strait opening efforts

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European nations and Japan issue joint statement to stabilize energy markets

Several European countries and Japan have issued a joint statement expressing their readiness to contribute to efforts to ensure safe passage through the Hormuz Strait. The leaders of Britain, France, Germany, Italy, the Netherlands, and Japan signed the statement on Thursday, urging an immediate comprehensive moratorium on attacks on civilian infrastructure, including oil and gas installations.

The International Energy Agency (IEA) has already authorized a coordinated release of its members’ strategic petroleum reserves, the largest in its history. The IEA’s statement does not specify what steps will be taken to stabilize energy markets but mentions working with certain producing nations to increase output.

The joint statement comes ahead of a meeting between US President Donald Trump and Japan’s Prime Minister Sanae Takaichi, aimed at strengthening the decades-old security and economic partnership between the two countries. The US Treasury Secretary has stated that he expects Japan to ensure its oil supplies are safe given its reliance on Gulf crude oil.

Iranian forces have been responsible for several strikes on energy facilities in the Gulf region, including the de facto closure of the Strait of Hormuz. This has led to a surge in global energy prices, with European gas prices up 25% and Brent crude oil futures nearly 6% at $113 per barrel.

QatarEnergy reported extensive damage from Iranian missiles at its Ras Laffan Industrial City, which produces about 20% of the world’s LNG supply. The company estimates it will take three to five years to repair the damaged facilities. Qatar’s Prime Minister has condemned Iran’s claims that it is targeting US bases as “unacceptable and unjustified”.

Source: Al Jazeera