US Imports of Middle Eastern Crude Set to Hit Highest Level Since Iran War in August
CommodityGeopolitics
Ship tracking data shows that US imports of Middle Eastern crude are expected to reach around 600,000 barrels per day in August, the highest level since the start of the war against Iran. Following the signing of a memorandum of understanding between the US and Iran in June, at least 11 vessels carrying Middle Eastern crude headed for US ports, driven by efforts to quickly secure oil exiting the Strait of Hormuz. Additionally, Saudi Arabia has been diverting crude via the East-West Pipeline to the Red Sea port of Yanbu to avoid Iranian attacks in the Strait of Hormuz, with cargoes then traveling through the Suez Canal to the US, further boosting imports. Matt Smith, an analyst at shipping research firm Kpler, noted that due to fleet operating efficiency and shorter shipping times, loading Saudi crude onto tankers bound for the US rather than Asia could be a preferable option.
