U.S. Accelerates Oil Diplomacy in Asia, Targeting Japan, S. Korea, and Philippines

Akira Ito
26 May, 2026
Tokyo

Benchmark indexes in Japan edged lower from record highs amid the renewed violence in the Middle East. 

The Nikkei 225 Stock Average decreased 0.1%, the broader TOPIX declined 0.01%, and the yen hovered near 159 against the U.S. dollar. 

Traders reviewed the ongoing tensions in the Middle East after the U.S. renewed attacks on targets in southern Iran despite the two weeks of ceasefire. 

The Brent crude oil prices rose 1% to $98.35 a barrel following the latest US attacks, undermining the prospects of a near-term peace deal between the US and Iran. 

Crude oil prices regained their upward momentum, and the energy product shipments through the Strait of Hormuz remained disrupted for the eighth week under the dual blockade. 

Japan is likely to run out of its crude oil reserves by the end of August if the government fails to secure additional supplies from the U.S. 

The Trump administration is pushing oil exports to its allies in Asia, including Japan, South Korea, and the Philippines. 

Japan is expected to source as much as 70% of its LNG imports from the U.S., switching from shipments from Gulf nations in the Middle East.

The U.S. Secretary of Foreign Affairs, Marco Rubio, visited India this week in an effort to shore up the sale of U.S. and Venezuelan crude oil.

 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average decreased 0.1% to 65,084.72, and the broader TOPIX edged up 0.01% to 3,944.70. 

Softbank Group Corp. soared 11% to ¥7,804.00, and the company extended its 4-day gain to over 50% on reports that two of its portfolio companies, Open AI and SB Energy, are closer to filing initial public offerings in the U.S. 

Kioxa Holdings, Fujikura Holdings, Tokyo Electron, and Advantest Corp. decreased between 4% and 6%.

Nippon Yusen declined 1.3%, Mitsui O.S.K. Lines fell 0.3%, and the Kawasaki Kisen Kaisha rose 1.0%.