The confrontation between the US and Iran continues to escalate, and it can be seen that shipping has almost stopped in the Strait of Hormuz, prompting Asian countries to concentrate on purchasing US crude oil. Traders revealed that at least 11 million barrels of U.S. crude oil were sold to Asia on Tuesday evening, and more deals may be reached in the future. Industry insiders, who did not wish to be named, said that the purchasers include many refining companies from South Korea, Japan, and Thailand, and some crude oil can be shipped as soon as this month; since they have no right to speak out to the outside world, relevant people requested that their identities be hidden. Previously, a large backlog of crude oil from the Middle East poured into the spot market, and Asian crude oil procurement from the US came to a standstill for a while, but now procurement demand has surged again. With the cease-fire between the US and Iran almost completely breaking down, the Middle East crude oil transportation channel is at risk of being interrupted. At least three executives responsible for exporting US crude oil and connecting with the procurement business of Asian refineries revealed that they have restarted negotiations on spot US crude oil shipments, and this procurement boom followed; this group of executives chose to be interviewed anonymously because they did not have permission to speak publicly. While Asia is concentrating on buying US crude oil, Middle Eastern crude oil prices have risen simultaneously, and the crude oil price gap between the two places has narrowed as a result.

The confrontation between the US and Iran continues to escalate, and it can be seen that shipping has almost stopped in the Strait of Hormuz, prompting Asian countries to concentrate on purchasing US crude oil. Traders revealed that at least 11 million barrels of U.S. crude oil were sold to Asia on Tuesday evening, and more deals may be reached in the future. Industry insiders, who did not wish to be named, said that the purchasers include many refining companies from South Korea, Japan, and Thailand, and some crude oil can be shipped as soon as this month; since they have no right to speak out to the outside world, relevant people requested that their identities be hidden. Previously, a large backlog of crude oil from the Middle East poured into the spot market, and Asian crude oil procurement from the US came to a standstill for a while, but now procurement demand has surged again. As the US-Iran cease-fire situation almost completely breaks down, the Middle East crude oil transportation channel is at risk of being interrupted. At least three executives responsible for exporting US crude oil and connecting with the procurement business of Asian refineries revealed that they have restarted negotiations on spot US crude oil shipments, and this procurement boom followed; this group of executives chose to be interviewed anonymously because they did not have permission to speak publicly. While Asia is concentrating on buying US crude oil, Middle Eastern crude oil prices have risen simultaneously, and the crude oil price gap between the two places has narrowed as a result.