Japan Firms Bracing for Longer-Term Oil Price Rise

Tokyo, April 14 (Jiji Press)--Japanese companies are bracing themselves for a longer-term crude oil price surge after the United States and Iran failed to reach a deal to end their ongoing military conflict.

Companies plan to accelerate moves to diversify their supply routes and hike prices of their products to cover rising costs in case the conflict and higher oil prices drag on longer than expected. But many face the risk of having to curtail their operations.

Disappointment spread among Japanese businesses Monday after Washington and Tehran ended their two-day peace talks Sunday without reaching an agreement.

Company officials said that their "faint" sense of optimism has "vanished," while others said that the unsuccessful discussions are "unfortunate."

Meanwhile, an official of a materials producer said, "We'll closely monitor the situation, which is still very much fluid."

[Copyright The Jiji Press, Ltd.]