GLOBAL ENERGY CRISIS: The global economy faces "major threat" and the current energy crisis is worse than the oil shocks of the 1970s, the International Energy Agency warned, as Asian markets tumbled on the escalating threats. The U.S. moved to ease sanctions on Iranian oil to cool surging prices, but that could be a boon for Tehran.

TOKYO, March 22 (Reuters) - Japan could consider deploying its military for minesweeping in the Strait of Hormuz, a vital artery for global oil supplies, if a ceasefire is reached in the U.S.-Israeli war on Iran,

Iran’s foreign minister Abbas Araghchi said Tehran is ready to ensure safe passage for Japan, requiring only communication to arrange transit through the Strait of Hormuz.

We express our readiness to contribute to appropriate efforts to ensure safe passage through the Strait,” the leaders said in a joint statement.

Japan could consider deploying its Self-Defense Forces to clear naval mines in the Strait of Hormuz if a ceasefire is reached in the conflict involving the United States, Israel and Iran, Foreign Minister Toshimitsu Motegi has said.

Leaders from UK, France, Germany, Italy, Netherlands, and Japan condemn Strait of Hormuz closure; express readiness to ensure safe passage.

Iran, which has effectively blocked the Strait of Hormuz since U.S. and Israeli airstrikes on the country, has indicated it may allow passage for vessels related to Japan. This comes amid heightened tensions over the global oil transit route,

Ships not linked to “Iran’s enemies” can pass, provided they coordinate security and safety arrangements with Tehran, an Iran representative said.

Recently, a weakening of unity within the North Atlantic Alliance has been observed. This has become especially evident during the conflict in the

TOKYO, March 21 (Reuters) - Iran is ready to let Japanese-related vessels pass through the Strait of Hormuz, a vital artery for global oil supplies, Kyodo news reported, citing Iranian Foreign Minister Abbas Araqchi.