Japanese crude oil import prices in Japanese yen were record three months in a row

On 22 July, data released on Wednesday by the Ministry of Finance of Japan showed that Japan ' s crude oil import prices in June had reached record high prices in Japanese yen, as a result of supply disruptions and energy price increases due to the closure of the Strait of Hormuz, and had been updated for the third consecutive month. Import prices after customs clearance increased by 84.7 per cent over the same period last year, to Yen 117,684 per 1,000 litres (approximately US$ 722), reaching their highest level since 1979 when comparable records were made, more than Yen 114,076 per 1,000 litres in May. In United States dollars, the price was $117.16 per barrel, the ninth highest ever. The weakening of the yen and rising insurance and transport costs have also contributed to price increases。