The US came close to becoming a net crude exporter for the first time since World War II, as exports surged to 5.2 million barrels per day (mmbbl/d), the highest level in seven months, driven by strong demand from Europe and Asia seeking alternatives to disrupted Middle East supplies.

Escalating tensions involving Iran led to significant constraints on shipments through the Strait of Hormuz, impacting nearly 20% of global oil and gas supplies and pushing importers to secure alternative sources, particularly US crude.

US government data showed that net crude imports fell to 66,000 barrels per day (bbl/d), the lowest level since weekly records began in 2001, highlighting a sharp narrowing in the gap between imports and exports.

US exports were distributed with 47% heading to Europe (approximately 2.4 mmbbl/d) and 37% to Asia (approximately 1.49 mmbbl/d), up from 30% a year earlier. Key destinations included the Netherlands, Japan, France, Germany, and South Korea, with new trade flows emerging to countries such as Greece and Turkey.

Analysts noted that the rise in exports reflects global efforts to secure supply amid market disruptions, despite the US approaching its export capacity limits.