business ⛽ Hormuz crisis pushes Asian refiners to US oil
North Asian refiners are increasing purchases of US crude oil due to instability at the Strait of Hormuz. At least four Asia-based refiners bought US crude volumes this week alone, as tanker traffic at the strait has dropped further. GS Caltex bought 2 million barrels of Mars crude, while Eneos Corp purchased 2 million barrels of WTI. Indian refiners like MRPL and HPCL are also seeking spot supply, looking to buy a combined 6 million barrels. This shift happens amid tight fuel markets and high refining margins across Asia. ⛽