Asian Refiners Turn to US Crude as Hormuz Crisis Persists

According to Oilprice.com, in a report published Friday, August 14, 2026 (23 Mordad 1405), at least four Asia based refiners have bought sizeable volumes of US crude this week alone as they seek alternatives to Middle Eastern oil, whose outbound flow through the Strait of Hormuz has been curtailed by the US Iran standoff. Citing Reuters trade sources, South Korea's GS Caltex bought 2 million barrels of Mars crude from Shell at a premium of $13 to $14 over the Dubai benchmark for November delivery.

Japan's Cosmo Energy Holdings also bought Mars crude from trader Trafigura, while Japan's largest refiner, Eneos, purchased 2 million barrels of West Texas Intermediate from Trafigura for November delivery at a premium of more than $10 a barrel. Taiwan's state owned CPC Corp bought 2 million barrels of WTI via tender at an $8 to $9 premium. Reuters reported that India's state refiners MRPL and HPCL are separately seeking a combined 6 million barrels of spot crude.