Asian Oil Importers Pivot to U.S. Supplies as Hormuz Risks Intensify

Asian buyers are back to negotiating spot cargoes of U.S. crude oil after the expected recovery of flows through the Strait of Hormuz ground to a halt early this week with the latest re-escalation in the U.S.-Iran tensions. Asian refiners are now returning to the trade that saved their supplies in the early days of the war—purchasing massive volumes of U.S. spot cargoes. At least three unnamed executives and traders involved in the sales and procurement of U.S. oil for Asian refiners told Bloomberg on Tuesday they had re-launched talks on…