Oil importers in Asia have shifted to supply in the United States because of risks in the Strait of Hormuz

WITH INCREASED RISK IN THE STRAIT OF HORMUZ, ASIAN BUYERS RESTARTED SPOT TRADING WITH UNITED STATES CRUDE OIL. AS TENSIONS BETWEEN THE UNITED STATES AND IRAN HAVE ESCALATED AGAIN, HOPES FOR A RETURN TO THE FLOW OF CRUDE OIL THROUGH THE STRAIT OF HORMUZ HAVE COME TO A HALT AT THE BEGINNING OF THE WEEK. AT LEAST THREE EXECUTIVES AND TRADERS INVOLVED IN UNITED STATES OIL SALES AND PROCUREMENT INDICATED TO BLOOMBERG THAT THEY HAD RELAUNCHED NEGOTIATIONS ON UNITED STATES SPOT CARGO. SINCE THE BEGINNING OF THE IRANIAN WAR, ASIAN REFINERIES HAVE SOUGHT TO DIVERSIFY THE SOURCES OF CRUDE OIL IMPORTS AND REDUCE THEIR DEPENDENCE ON MIDDLE EASTERN OIL. UNITED STATES CRUDE OIL EXPORTS HAVE REACHED RECORD HIGH LEVELS SINCE MARCH, WITH THE LATEST EIA DATA SHOWING A 15 PER CENT INCREASE IN UNITED STATES OIL EXPORTS IN APRIL OVER MARCH。