North Asian buyers secure US oil cargoes as Strait of Hormuz tanker traffic drops sharply due to escalating US-Iran tensions.
North Asian refiners have ramped up purchases of US crude oil this week, seeking alternatives as Middle Eastern supply routes face disruption. At least four refiners in the region bought US crude volumes, traders said, amid a sharp decline in tanker traffic through the Strait of Hormuz.
Shipping transits through the critical chokepoint have slumped further, with observable AIS positioning data showing reduced activity. The slowdown follows heightened US-Iran tensions, which have raised concerns over supply security for Asian markets traditionally reliant on Middle Eastern crude.
The shift toward US oil highlights growing unease over supply chain stability, though no immediate price reaction was reported in the spot market.