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. Brent crude, the most important benchmark for global prices, rose as much as 3 percent on Sunday, before easing slightly on Monday. 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.