The Japanese government plans to release 30 days' worth of state-held oil to cushion the economic impact of the ongoing US-Israeli war on Iran.

The Japanese government said it will start releasing 30 days’ worth of state-held oil from Thursday to cushion the impact on the economy as concerns over supply mount and oil prices soar amid the ongoing US-Israeli war on Iran. On Tuesday, the industry ministry announced that the government plans to sell a total of about 8.5 million kilolitres of oil from 11 storage bases across the country, following the private sector’s release of 15 days’ worth of oil stockpiles last week. According to the...