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Hormuz Crisis Pushes Asian Refiners Toward U.S. Oil

North Asian refiners have increased buying activity to secure U.S. crude oil supply as an alternative to the Middle Eastern crude that may not make it outbound from the Strait of Hormuz as the U.S.-Iran stalemate continues and the chokepoint remains effectively closed. At least four Asia-based refiners have bought U.S.

  • Asian refiners seek U.S. crude due to Hormuz closure
  • GS Caltex buys 2M barrels of Mars from Shell at $13-14 premium
  • CPC Corp acquires WTI through tender at $8-$9 premium to Brent

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