Japan's government will tap about $7 billion (1.1 trillion yen) from contingency reserves to keep capping gasoline and fuel prices, even as it prepares to unwind the support starting in December.
Japan is on track to become the world's largest liquefied natural gas importer this year for the first time since 2022, as China's well-stocked storage lets it buy less amid elevated prices.
ICE Brent crude is trading near $118 a barrel, on course for a 13-14% monthly gain, as rising attacks near the Strait of Hormuz and reports of military movements fuel fears of renewed US-Iran conflict.
A tanker caught fire after limpet mines were attached above the waterline while leaving the Strait of Hormuz, reigniting oil-supply worries and pushing Brent crude close to $117.
Crude is on track for a fourth consecutive monthly rise after a tanker attack near the Strait of Hormuz renewed fears that the Middle East conflict could disrupt oil supply.
UBS lifted its Brent crude outlook for a second time this month, now pointing to $110 a barrel by the close of 2026 instead of $100, citing persistent tightness across Gulf supply.
Saudi shipping company Bahri reported a net profit of $1.36 billion for the third quarter, ten times higher than a year earlier, as tanker rates spiked amid disruption near the Strait of Hormuz.
Maritime attacks in the Strait of Hormuz more than doubled in October to over 30 incidents, keeping Brent crude near $115 a barrel as Iran-related tensions and a separate Saudi-Houthi conflict escalate.
Brent crude fell to $114.85 a barrel and WTI to $100.87 as diplomatic visits to Iran raised hopes for de-escalation, pulling prices back from last week's multi-month peaks.
Indian state refiner Bharat Petroleum Corporation Limited (BPCL) says it will buy less Russian crude next month as elevated shipping costs make Middle Eastern grades more attractive, a shift relevant for global oil flows.