The escalation of the US-Iran conflict has led to Asian refineries purchasing large amounts of American crude oil.

The confrontation between the US and Iran continues to escalate, with shipping nearly stagnant in the Strait of Hormuz, prompting Asian countries to focus on purchasing American crude oil. Traders revealed that at least 11 million barrels of US crude oil were sold to Asia on Tuesday night, with more transactions possibly to follow. Industry insiders, who preferred to remain anonymous, stated that the buyers included several refining companies from South Korea, Japan, and Thailand, with some of the crude oil scheduled to be shipped as early as this month. Due to their inability to speak publicly, these individuals requested anonymity. Previously, a large amount of Middle Eastern crude oil flooded the spot market, causing a temporary halt in Asian purchases of US crude oil. However, the demand for purchases has surged once again. With the ceasefire between the US and Iran almost completely breaking down, there is a risk of interruptions in Middle Eastern oil transport channels. At least three executives responsible for exporting US crude oil and coordinating purchases with Asian refineries revealed that they have restarted negotiations for spot shipments of American crude oil, leading to this surge in purchases. These executives, lacking the authority to speak publicly, chose to remain anonymous. As Asian countries focus on purchasing American crude oil, the price of Middle Eastern oil has also risen, causing the price difference between the two regions to narrow.