The Oil World Is Splintering — And America Has The Backup Plan

Benzinga01:19

One day, 2026 might enter the history books alongside 1973 as a year that reordered the global energy landscape. The Iran war has effectively locked down the Strait of Hormuz and baked in the loss of ...

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In their place, refiners are aggressively sourcing U.S. WTI, U.S. Mars, Kazakh CPC Blend, and West African sweet crude to keep their economies afloat.\n\"It's possible that oil flows through the Strait of Hormuz will never return to pre-war levels, Amrita Sen, director of research at Energy Aspects, said at the FT Commodities Global Summit in Lausanne.\nDuring a recent interview on CNBC's Squawk Box, President Donald Trump noted a development in the physical market.\nTrump said that the world’s largest oil tankers are now arriving at U.S. ports in Texas, Louisiana, and Alaska empty, specifically to buy American oil and gas.\nHe admitted he was surprised that Brent crude had stabilized near $90 a barrel rather than his anticipated $200, but he credited this to the market finding these alternative Western sources.\n\"Boats are finding other sources,” Trump told CNBC.\nWith such production in place, the U.S. is well-positioned to export, particularly after gaining access to Venezuelan heavy crude.\nOil is a complex commodity, with over 160 different gradations, depending on the length of the molecular chain.\nBy integrating Venezuelan oil in the supply chain, the US gained a source of heavy crude. Venezuelan supply topped 1 million barrels per day in March for the first time in six months, following an agreement between Caracas and Washington. This influx of heavy crude has provided a lifeline to U.S. and Asian destinations, acting as a buffer against the loss of Middle Eastern flows.\nMeanwhile, Russia has also benefited from the ongoing situation. Exports of discounted fuel oil to Saudi Arabia surged 18% in March, according to Reuters. The Kingdom opted to ramp up cheaper import alternatives to support its power supply rather than burning domestically produced crude.\nMoscow is also using the situation to strengthen its cooperation with New Delhi. According to liga.net, March's monthly oil imports doubled in volume and almost quadrupled in value – reaching $6.2 billion.\nAs long as the Iranian stalemate persists, these new supply chains are poised to develop until the market reaches a new equilibrium. The jury is still out on whether it will ever return to the \"old normal.\"\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2630319238","isCrawlerRequest":true}