US Crude Oil Demand Surges Following Strait of Hormuz Closure

Washington D.C. Analysts report a significant surge in demand for US crude oil following Iran's closure of the Strait of Hormuz, a critical waterway for Gulf oil supplies. In a post on his social media platform Truth Social, Donald Trump claimed that Iranian leadership has diverted hundreds of ships toward oil-rich US states such as Texas, Louisiana, and Alaska.

It remains unclear which specific vessels he was referring to. However, shipping and trade analysts confirmed to BBC Verify that demand for US crude has risen since the closure of the strait. The situation has intensified following the outbreak of conflict between the US, Israel, and Iran. The conflict, which began on February 28, has severely disrupted shipping through the waterway.

Unable to import oil from the Middle East, buyers in Europe and Asia have begun seeking alternative sources. According to maritime data firm Kpler, 71 large oil tankers are currently heading to the US, compared to an average of just 27 last year. 

David Heiden, an expert at Argus Media, stated, “Buyers in Europe and Asia view the US Gulf region as a convenient and viable alternative for oil loading.” Consequently, US crude oil exports have seen a marked increase. According to maritime research consultancy Drewry, exports reached 5.2 million barrels per day for the week ending April 10, marking a seven-month high.