Asian Refineries Resume Talks for U.S. Spot Crude as Middle East Supply Risk Rises

Several industry executives confirmed that Asian refineries have restarted negotiations to buy U.S. spot crude, seeking alternative supplies to hedge against the risk of Middle East supply disruptions. According to Jin10, U.S. officials said the military was still working at full capacity to ensure crude oil flows, but shipping routes indicated that the escort corridor had “basically collapsed.”