Asian Refiners Snatch 11 Million Barrels of U.S. Crude, Hedging Against Strait of Hormuz Disruption

Bloomberg reported that at least 11 million barrels of U.S. crude were sold to Asian buyers in mid-July as the U.S.-Iran conflict intensified. Roughly 20% of global oil supply transits the Strait of Hormuz. Refiners are front-loading non-Gulf cargoes before that waterway becomes unreliable or uninsurable. Brent has already climbed above $90 from the low-$70s in late June.