U.S. Fills Middle East Oil Gap as Asian Tankers Rush to America

April 9 U.S. crude oil exports are set to hit a record high in April as Asian buyers scramble for alternatives to disrupted Middle East supplies amid the Iran war, the Financial Times reported. Oil research firm Kpler projects U.S. crude exports this month will jump nearly 33% from March’s 3.9 million barrels per day (bpd) to 5.2 million bpd. Asian demand for U.S. crude is set to surge 82% to 2.5 million bpd. Data shows 68 empty tankers are currently en route to the U.S. — up from 24 in the week before the Feb. 28 war outbreak, and well above last year’s weekly average of 27. The export surge underscores the U.S.’s growing role as a global “swing supplier” — but competition from Asian buyers could push up domestic fuel prices, ramping up fears of a new inflation wave tied to the Iran war launched by the Trump administration. The Trump administration has no current plans to ban oil exports. Analysts say a ban would leave U.S. crude unsold, piling up domestically, while refineries would cut production amid oversupply fears. Some warn, though, that if Middle East turmoil from the war keeps driving up fuel costs ahead of the November midterms, the White House could reverse course.