US Crude Exports Surge to Record 5.6 Million Bpd in May as Iran War Reroutes Global Oil Flows

U.S. crude exports jumped to an all-time high of 5.6 million barrels per day in May, ship tracking data showed Monday, as the U.S.-Israel conflict with Iran choked off Middle East supplies and forced Asian and European refiners to tap American barrels. The surge topped April’s previous record of 5.2 million bpd, driven by a steep discount of West Texas Intermediate to Brent and necessity to replace shut-in Strait of Hormuz volumes. WTI’s discount to Brent widened as far as $20.69 a barrel in March, the deepest in 13 years, before averaging about $8.86 in April when most May cargoes were booked. Asia remained the top destination at 2.45 million bpd, with Japanese imports soaring 32% on the month to a record 808,000 bpd. Europe took 2.4 million bpd, led by Italy’s record 335,000 bpd. Strategic Petroleum Reserve releases contributed roughly 283,000 bpd to the export mix. Exports are poised to retreat in June as peace-deal hopes narrow the WTI-Brent spread and low U.S. inventories steer more barrels into domestic storage. Analysts forecast June loadings near 4.9 million bpd.