Iran declares that it is closing the Strait of Hormuz again

研报英文原文证据摘录

Iran declares that it is closing the Strait of Hormuz again

Global Markets Research

Iran declares that it is closing the Strait of Hormuz 13 July 2026again

EQUITY: JAPAN OIL PRODUCTS

Research Analysts

Oil reserves holding above 200 days Japan utilities & oil

Shinichi Yamazaki - NSC

shinichi.yamazaki.a3@nomura.comQuick Note +81 3 6703 1133

Recovery in supply of crude oil and other products from the Middle East growing

more distant

On 12 July, Iran's Islamic Revolutionary Guard Corps (IRGC) announced that the Strait of

Hormuz would be closed again. The US carried out airstrikes on 140 Iranian sites,

including missile bases, from 11 July. These events are, needless to say, a setback for

resuming talks aimed at bringing a final resolution to the conflict. Crude oil prices are

expected to climb again in response to these developments, and the anticipated recovery

in supply of crude oil, naphtha, and petroleum products from the Middle East is now also

likely to be delayed. As of 7 July, Japan had 204 days' worth of oil reserves, so we see no

need for concern about supply shortages in the near term.

Singapore petroleum product margins expected to remain high

We see the latest developments as having both positive and negative implications for oil

distributors. On the positive side, Singapore petroleum product margins should remain

high due to ongoing constraints on supply from the Middle East caused by these

developments. We think ENEOS Holdings [5020], which has capacity to supply petroleum

products, could be able to secure earnings from exports of kerosene and other petroleum

products. On the negative side, distributors will need to continue scrambling to procure

crude oil from the Middle East and will likely have to purchase at a premium. It remains to