The United States reached record oil export levels, surpassing an average of 5 million barrels per day, following the blockade of the Strait of Hormuz, a route previously critical for 20% of global crude flows before traffic was halted by the Iran war, according to the latest data from the Energy Information Administration (EIA).
In the last week of April, the United States exported an average of 5.3 million barrels per day, confirming an upward trend that accelerated after the U.S. military, alongside Israel, attacked Iran on February 28, triggering the Middle East conflict.
Before that, crude exports had averaged 4.1 million barrels per day.
The Strait of Hormuz, blocked by Iran in retaliation for U.S. and Israeli attacks, had been a key route for global crude oil and liquefied natural gas shipments. Around 20 million barrels per day of oil were estimated to transit through the strait.
Several weeks ago, International Energy Agency (IEA) Executive Director Fatih Birol said that “13 million barrels per day of oil” had been “lost” due to the war, causing “major disruptions in the supply of essential commodities.”
Although oil prices have eased in recent days amid optimism over a potential peace agreement between the United States and Iran, June WTI futures—the U.S. benchmark—remain above $90 per barrel.
Crude prices are nearly 50% higher than they were three months ago, before the conflict began.
In an effort to reduce high energy costs, President Donald Trump announced the release of 172 million barrels from the U.S. Strategic Petroleum Reserve.
Following the rise in exports and the drawdown of reserves, concerns have grown over the possibility that the country’s oil storage levels could become depleted by the summer.
