US fuel exports hit record highs as Iran war strains global supply

U.S. oil product exports have reached record highs as countries in Europe and Asia have sought alternatives to oil shipped through the Strait of Hormuz, which has been effectively closed because of the war with Iran. 

The United States last week exported a record-high of oil products, a category that includes gasoline, jet fuel, and diesel, of nearly 8.2 million barrels a day, according to the Energy Information Administration. That is up about 23% from the same week a year ago.

The closure of the Strait of Hormuz since late January has constrained oil product supply, particularly in Europe and Asia. Before the war, about 20% of the global oil supply passed through the strait. And around 80% of the oil that typically passes through the strait is bound for Asian markets, according to the International Energy Agency. Some of those Asian buyers have turned to the U.S. in recent weeks.

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