With the possibility of tighter shipping restrictions in the Strait of Hormuz, 20 stocks across sectors, focusing on TSE-listed resource development companies, have been identified. The analysis examines how crude oil prices and logistics disruptions could affect each company's earnings, based on current data and earnings trends.
The Strait of Hormuz is viewed as a factor capable of simultaneously shaking global energy prices and the earnings structures of Japanese companies. In 2024, approximately 20% of global LNG trade volume passed through the strait, of which approximately 83% was reportedly destined for Asia. As of 2024, the Middle East accounted for 95.1% of Japan's crude oil imports and the Strait of Hormuz accounted for 94.6%, meaning that greater shipping risks could affect price formation.
According to vessel data reported by Reuters/Kpler on 21 August 2026, just 7 cargo vessels had passed through the Strait of Hormuz the previous day, with no VLCCs or LNG carriers among them. North Sea Brent crude futures settled at $94.39 per barrel on the same day, up approximately 6.39% for the week. Supply constraints in Middle Eastern oil-producing countries and reduced traffic through the strait are said to have affected price formation. While higher selling prices could benefit resource development companies, there may also be effects such as gains on inventory valuations and higher procurement costs, making it important to check earnings trends and hedging positions.
The domestic stocks covered in the analysis are INPEX (1605) and Japan Petroleum Exploration (JAPEX) (1662), whose businesses and exposure to crude oil and natural gas price trends are examined. INPEX's first-half revenue declined year on year, while natural gas revenue increased, making it necessary to monitor crude oil price trends together with the impact of its interests in the Middle East. Japan Petroleum Exploration combines domestic gas fields with overseas resource development, and attention is focused on how crude oil and LNG procurement costs and sales volumes affect its earnings.