Americas Oil Exports Hit Record Highs After Hormuz Closure

Oil producers across the Americas have seen a significant windfall following the outbreak of the Iran war and the closure of the Strait of Hormuz six months ago. The closure disrupted approximately 20% of global oil supplies, forcing Asian importers to shift their sourcing toward the Western Hemisphere to ensure energy security.

The United States led this surge in exports, reaching 4.4 million barrels per day, while Brazil contributed 2.5 million barrels per day. Total crude exports from the Americas reached a record average of 11.7 million barrels per day in 2026. This realignment was made possible by a decade of production growth in the U.S. shale sector, Brazil's offshore fields, and Argentina's Vaca Muerta basin.

The shift has driven global tanker rates to record highs, with very large crude carriers reaching $640,000 per day due to longer transit times. Although sourcing from the Americas is more expensive than from the Gulf, Asian refiners are accepting these higher costs as an insurance premium against geopolitical volatility.