U.S. imports of Saudi Arabian crude fell to zero in July, marking the first full-month halt since 1985, according to preliminary government data. The U.S.-Iran conflict has severely restricted Persian Gulf crude flows through the Strait of Hormuz, and last month U.S.-bound shipments of Saudi oil ground to a halt, the U.S. Department of Energy reported. U.S. refiners were buying more than 800,000 barrels of Saudi oil a day earlier this year, but are now seeking alternatives as the strait closure and Middle East conflict drive up global crude prices. Phillips 66 reduced Middle Eastern crude to less than 1% of its intake, CEO Mark Lashier said. However, U.S. imports of Middle Eastern crude are set to hit about 600,000 barrels per day in August, the highest since the Iran war began, as a brief opening of the Strait of Hormuz and the rerouting of Saudi oil through the Suez Canal pushed barrels toward American ports, ship-tracking data showed. Oil benchmarks moved up on Friday but headed for weekly losses of about 8%.
Phillips 66Phillips 66 reduced Middle Eastern crude to less than 1% of intake, but impact is mixed as they seek alternatives amid supply disruptions.
