Cosmo Energy Holdings Co. has bought Mexican crude oil for the first time since 2023 as it navigates supply disruptions triggered by the Iran war and the near-closure of the Strait of Hormuz. Two tankers, Eagle Kuantan and Eagle Kangar, are set to load a combined 1 million barrels of Isthmus crude in coming days from Pemex's Pajaritos terminal on Mexico's Atlantic coast, according to shipping reports. The oil is being supplied by PMI, the trading arm of Petroleos Mexicanos (Pemex).
Japan imports over 95% of its crude oil from the Middle East — primarily from Saudi Arabia, the United Arab Emirates, Kuwait and Qatar. All of these countries have been impacted by the near-shuttering of the Strait of Hormuz. The US-Israeli war with Iran, which began in late February 2026, resulted in the closure of the strait, through which approximately 20% of the world's seaborne oil trade passes. The International Energy Agency (IEA) has characterised it as the "largest supply disruption in the history of the global oil market." The supply shortage has impacted Japanese sectors ranging from food production to medical equipment manufacturing.
Tokyo-based Cosmo Energy stated it has secured supplies from Mexico and the United States to maintain operations at its three refineries for the next three months. In April, Japanese Prime Minister Sanae Takaichi discussed the possibility of Pemex supplying oil to Japan during a conversation with Mexican President Claudia Sheinbaum. From mid-March, the Japanese government released oil from stockpiles equal to about 75 days' worth of consumption — Japan's biggest-ever oil release. By April and May, Japanese refineries climbed to utilisation rates above 70% of capacity.
Global markets are feeling the shock of lost Gulf oil supply. IEA reports show global oil supply plummeted by 10.1 mb/d in March to 97 mb/d; loadings through Hormuz averaged around 3.8 mb/d (down from over 20 mb/d in February). Brent crude prices peaked at $126 per barrel. Nearly 20,000 mariners and about 2,000 ships remain stranded in the Persian Gulf. The ceasefire declared in April has not yielded a lasting solution; the strait has "returned to its previous state" but traffic remains at around 5% of pre-war levels.
Note: This summary draws on SupplyChainBrain and Bloomberg's publicly visible headline + subhead + opening paragraph and on sector background on the Strait of Hormuz crisis and Japan's crude diversification efforts.
Key Takeaways:
1. Cosmo Energy buys 1 million barrels of Mexican Isthmus crude for first time since 2023 (Eagle Kuantan/Eagle Kangar tankers, Pajaritos terminal, PMI supply)
2. Japan imports 95%+ of crude from Middle East; Strait of Hormuz closure hammers entire supply chain
3. Feb 2026 US-Israel-Iran war closed Hormuz (carries ~20% of world oil trade) — IEA calls it 'largest disruption in history'
4. Japan released ~75 days of stockpile from mid-March (biggest-ever), refinery runs climbed above 70%
5. Global supply plunged 10.1 mb/d in March (to 97 mb/d); Brent peaked $126/bbl, ~20k mariners stranded in Gulf
