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Japanese trading house Itochu Corp. is seeking to diversify its oil and petroleum product procurement, looking to sources outside the Middle East in response to disruptions impacting shipments from the Gulf region.
The company stated it is taking steps to secure supplies from alternative geographical locations as a direct consequence of escalating tensions in the Middle East.
Itochu indicated that its existing shipments of oil and petroleum products originating from the Gulf have been affected by the repercussions of attacks involving the United States, Israel, and Iran.
The increasing exchanges of attacks between the U.S. and Israel on one side, and Iran on the other, have stoked fears of a wider conflict in the region.
