Italy and Japan are strengthening diplomatic ties, focusing on supply chains and technology cooperation. The leaders aim to reduce reliance on China for critical minerals and boost semiconductor manufacturing through joint ventures.
Global oil prices reached a four-year high of over US$122 per barrel following reports of potential US military strikes on Iran, sparking fears of significant supply disruptions in the Middle East.
Japanese sento (public baths) face crisis as oil price surge adds to challenges of shrinking customer base and ageing owners without successors. Ikesu Onsen, a family-run sento founded in 1919 in Tsushima, Aichi prefecture, has been forced to delay opening by an hour since late March due to unstable fuel oil supply, with monthly delivery halved to around 500kg, losing about 10 customers daily.
The US-Israeli war with Iran and closure of the Strait of Hormuz has caused the biggest oil supply disruption on record at over 12 million barrels per day, equivalent to 11.5% of global demand. The IEA calls it the worst energy crisis ever, surpassing the 1973 Arab oil embargo (4.5M bpd), Iranian Revolution (5.6M bpd), and 1991 Gulf War (4.3M bpd). The crisis has also disrupted 20% of global LNG production in Qatar and hit fuel markets, causing jet fuel and diesel shortages in Asia, Africa, Europe. The IEA has released a record 400 million barrels from strategic stockpiles.
