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Asian refiners restart talks for U.S. spot crude as Hormuz risks rise

The renewed negotiations come after tanker traffic through the Strait of Hormuz stalled again, following a U.S.-Iran re escalation and the reinstated U.S. naval blockade.

Reported · Written up by our desk · Energy

Asian oil importers are resuming spot negotiations for U.S. crude cargoes after expected relief in tanker flows through the Strait of Hormuz failed to materialize, OilPrice reported. The shift follows a recent re-escalation in U.S.-Iran tensions that disrupted shipping routes again.

Bloomberg data cited by OilPrice said at least three unnamed executives and traders involved in supplying and buying U.S. oil for Asian refiners restarted talks on spot American cargoes. The outlet linked the change to the reintroduction of U.S. naval actions meant to stop Iranian oil cargoes, which prompted buyers to look to U.S. supplies rather than rely on Middle Eastern flows.

OilPrice said Asian refiners had earlier sought to diversify their crude import mix away from Middle Eastern sources as the Iran war began, with countries such as Japan, the Philippines, and Pakistan having depended heavily on shipments routed through the Strait of Hormuz. With the route again becoming unreliable, some Asian buyers are returning to a trade that had helped cover supplies in the early phase of the conflict.

The article also pointed to U.S. export momentum, citing latest available U.S. Energy Information Administration data that showed a 15% jump in U.S. petroleum exports in April compared with March, which it described as the previous record. It also noted that U.S. export levels rose as Strait traffic appeared to recover earlier, before the latest disruption.

Latest closeWTI crude $78.04 ▲9.3%

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