Japan is considering releasing its national oil reserves amid the ongoing Iran crisis, Kyodo news agency reported on Friday.

It relies on the Middle East for around 95% of its oil supplies, with around 70% coming via the Strait of Hormuz, which ​is effectively closed.

Tokyo holds emergency national reserves equivalent to around 146 days of consumption, while it also has private-sector stockpiles and joint stockpiles with oil-producing countries.