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Market Chatter: US Imports of Middle East Crude Surge to Highest Since Iran Conflict

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US imports of Middle Eastern crude are on track to reach about 600,000 barrels per day in August, marking the highest level since the outbreak of the Iran conflict, Reuters reported on Thursday, citing shipping data.

The surge followed a brief reopening of the Strait of Hormuz and the strategic rerouting of Saudi supplies through the Suez Canal, which facilitated a significant flow of barrels toward American ports.

Nearly a dozen tankers loaded with Middle Eastern crude were en route to the US as refiners and traders moved swiftly to secure cargoes following a June memorandum of understanding between Washington and Tehran that helped free vessels trapped in the strategic waterway.

The increase in arrivals is also being supported by Saudi Arabia's move to redirect more crude exports through its Red Sea terminal at Yanbu. The US Department of Energy did not immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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