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Japan is relying on ship‑to‑ship oil transfers far from the Middle East to secure crude supplies while keeping its tankers out of a conflict zone that has become too risky for crews and vessels.

The Kisogawa, a very-large crude carrier, is en route to Hokkaido after receiving about 1.2 million barrels of Murban oil from Rio De Janeiro Energy while at sea off Linggi on Malaysia’s west coast on Sunday, ship-tracking data show. The operation comes just a week after another cargo of MurbanBloomberg Terminal was also moved at sea and is now bound for Japan.

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Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia.

On today’s show, President Donald Trump insisted that freedom of navigation through the Strait of Hormuz be part of any deal to end the Middle East war and escalated threats to obliterate key Iranian infrastructure if his terms aren’t met before a Tuesday deadline. Iran has rejected the proposal.

Crude oil advanced in volatile trading and equities lost momentum as investors remained wary ahead of President Trump’s latest deadline for Iran to make a peace deal.

And NASA’s four Artemis astronauts swung behind the moon and are headed home, in a journey that shattered space travel distance records and brought people the closest they’ve been to the lunar surface in more than 50 years.

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Indonesian market reforms to meet MSCI Inc.’s demands may stave off a downgrade though they don’t go far enough to prevent a lower weighting in global indexes, some analysts said.

The measures, which include calling out some of the nation’s biggest companies for overly-concentrated ownership, will probably lead to some stocks getting culled by the index compiler in May due to insufficient shares for public trading, according to Citigroup Inc. and Alphagate Capital. MSCI in January had warned Indonesia could be cut to frontier-market status if it doesn’t address shareholding structure and possible collusion in trading.

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The cost of hedging against swings in a key Indian banking gauge relative to the broader market has surged, as traders brace for the central bank’s rate decision as well as a potential escalation in the Middle East war.

The gap between the implied volatility of the NSE Nifty Bank Index and the India NSE Volatility Index has widened to nearly eight points — the highest since December 2022 — signaling stronger demand for protection in rate-sensitive financial stocks.

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