Japan begins release of oil reserves as Iran war sparks energy crisis
Tokyo’s move comes as oil prices remain elevated amid the effective closure of the Strait of Hormuz.
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Japan has begun releasing oil from its emergency reserves amid the global energy crisis sparked by the effective closure of the Strait of Hormuz by Iran in response to US-Israeli attacks.
The release was announced on Monday in a notice published in the Japanese government’s official gazette.
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Japanese Prime Minister Sanae Takaichi last week announced plans to unilaterally release 80 million barrels of oil from stockpiles amid supply concerns due to Iran’s threats against shipping in the strait.
Takaichi announced the move shortly before the International Energy Agency (IEA) said it would coordinate the release of a record 400 million barrels to help cushion the market from the widening fallout of the United States and Israel’s war with Iran.
Despite the announcement by the Paris-based IEA, oil prices have repeatedly jumped above $100 a barrel during the past week as traders weigh the prospect of prolonged disruption to the critical waterway.
Analysts say prices are likely to continue to rise as long as shipping through the strait, which normally transports about one-fifth of the global oil supply, remains effectively halted.
Tokyo said on Monday that it had no plans to deploy its navy to the strait after US President Donald Trump called on other countries to help unblock the waterway.
Brent crude, the most important benchmark for global prices, rose as much as 3 percent on Sunday, before easing slightly on Monday.
Brent stood at $104.85 a barrel as of 05:45 GMT, up more than 40 percent since the start of the war on February 28.
Japan is one of the world’s largest oil importers, relying on fossil fuels from overseas for about 80 percent of its energy needs.
The East Asian country also has one of the world’s largest oil reserves, with enough supply to meet 254 days of domestic consumption.
"All the Empty Rooms" wins Oscar for Steve Hartman's project memorializing children killed in school shootings
March 15, 2026 / 10:49 PM EDT / CBS News
The documentary "All the Empty Rooms," which memorialized children killed in school shootings through a look at the bedrooms they never returned to, took home the Oscar for Best Documentary Short at the 98th Academy Awards on Sunday.
The film follows CBS News correspondent Steve Hartman and photographer Lou Bopp along their seven-year journey to document the toll of America's school shooting epidemic. Director Joshua Seftel accepted the Oscar on stage alongside Hartman, producer Conall Jones and Gloria Cazares, whose daughter Jackie was killed in the Uvalde school shooting in 2022.
"The four empty rooms in our film belonged to four young children who were all killed in school shootings: Hallie, Gracie, Dominic and Jackie," Seftel told the crowd before passing the mic to Cazares.
Wearing red dress and a pin with an image of Jackie, Cazares spoke of her 9-year-old daughter and appealed for an end to gun violence.
"Since that day, her bedroom has been frozen in time," Cazares said. "Jackie is more than just a headline. She is our light and our life. Gun violence is now the number one cause of death in kids and teens. We believe that if the world could see their empty bedrooms, we'd be a different America."
When Hartman traveled to Uvalde, Texas, where a gunman killed 19 children and two teachers at Robb Elementary School, Cazares told him that people are always telling her that they can't imagine what she's going through. But she said we need to imagine, and that's why she invited Hartman and Bopp into her home.
"It just makes everything more real for the public, for the world," Carazes said at the time. "Her room completely just speaks of who she was."
In Jackie's room, there was the chocolate she had saved for a day that never came, and an "About Me" chalkboard where she wrote that she wanted to be a veterinarian when she grew up.
Many of the children's rooms, like Jackie's, remained virtually untouched, years after the shootings.
"Their personalities shone through in the smallest details of their untouched rooms — hair ties on a doorknob, a toothpaste tube left uncapped, a ripped ticket for a school event — allowing me to uncover glimpses as to who they were," Bopp said in an essay about the project in 2024.
Explore the rooms:
Unmade beds and overdue books: Photographing the rooms of kids killed in school shootings
More from CBS "Sunday Morning":
Standing on the threshold of grief, documenting the bedrooms of kids killed in school shootings
Missed watching the 2026 Oscars? Here's how to watch the awards show now.
Updated on: March 15, 2026 / 10:59 PM EDT / CBS News
"Sinners" came into the 2026 Oscars with the most nominations ever, 16, but it was "One Battle After Another" that took home marquee awards like Best Picture and Best Director on Sunday night. Here's how to watch and what to know about the 98th annual Academy Awards.
Where to watch the Oscars with cable
The 98th annual Academy Awards were broadcast live on ABC stations, as well as on international networks worldwide, on Sunday, March 15, 2026.
How to stream the Oscars
The Oscars streamed live on Hulu and was available live on ABC.com and the ABC app if those services were connected to your regular TV provider. Other streaming services like YouTubeTV, AT&T TV and FuboTV also carried the show.
The Oscars will be available to stream Monday on ABC.com and Hulu for those who missed it live.
Who were the Oscar nominees?
"Sinners" was eyeing a big night after nabbing a record-breaking 16 nominations, including for Best Picture, Best Director, Best Supporting Actress, Best Supporting Actor and Best Actor. Michael B. Jordan brought home the golden statue for taking on the dual roles of twin brothers Smoke and Stack, and Autumn Durald Arkapaw won for Best Cinematography, the first woman to win the award in Oscar history.
"One Battle After Another" was also up for a slew of top awards, winning Best Picture, Best Director and Best Adapted Screenplay, the first Oscar wins for Paul Thomas Anderson after being nominated 11 times prior to this year's ceremony.
See the full list of winners and nominees here.
Go behind the scenes to see excerpts of performances and highlights of CBS News interviews with nominees in these top categories:
- Best Picture
- Best Actor
- Best Actress
- Best Supporting Actor
- Best Supporting Actress
Who hosted the Oscars?
Former late-night TV host Conan O'Brien handled hosting duties at the Academy Awards for a second straight year.
O'Brien took over as master of ceremonies for the show last year following a two-year stint from fellow comedian and late-night host Jimmy Kimmel, who has hosted the Oscars a total of four times.
Matt Berry, the star of TV shows such as "The IT Crowd," "What We Do in the Shadows" and "Toast of London," was the announcer for the Oscars this year.
Where were the Oscars held?
The 2026 Oscars were held at the Dolby Theatre in Los Angeles.
