U.S. Crude Oil Exports Hit Record Amid Iran War and Hormuz Blockade

Iran's blockade of the Strait of Hormuz has cut off major Persian Gulf ports, including Ras Tanura in Saudi Arabia and Basra in Iraq, amid the ongoing war. As a result, U.S. crude oil exports reached a record 5.2 million barrels per day in April 2026, up more than 30% from 3.9 million barrels per day in February before the escalation.

Tankers from around the world have shifted to U.S. Gulf Coast ports, with the Port of Corpus Christi handling about 2.5 million barrels per day since the war began, compared to 2.2 million barrels per day last year. Ship traffic at the port rose to more than 240 vessels in March 2026, exceeding the normal monthly average of 200.

Asian buyers, previously reliant on Middle East oil, have turned to U.S. light sweet crude following the closure of the trade route through the strait.

" U.S. oil exports are limited above 5 million barrels per day due to dock capacity constraints at ports like Corpus Christi, which maxes out at about 2.6 million barrels per day due to pipeline limitations, though expansions could add 500,000 barrels per day.

Refined product exports from Corpus Christi to the Middle East exceeded the total for all of last year in the first quarter of 2026. "It's a constant parade of tankers coming in and out," said Kent Britton, CEO of the Port of Corpus Christi, in an interview with CNBC.

com. The strikes have targeted Russia's oil export infrastructure, including terminals at Tuapse and Novorossiysk on the Black Sea, as well as Ust-Luga and Primorsk on the Baltic Sea, multiple times in recent weeks. Ukraine also struck a Russian oil pumping station in the Perm region and a refinery in the Orenburg region.

The latest Tuapse strike caused a fire at a terminal, with no injuries reported, though it led to environmental effects including black rain and oil spills. Russia has increased oil revenues amid rising crude prices following the Middle East war, with Russian oil sales to India continuing under a U.S. waiver for tankers already loaded.

com article's publication.

The S&P 500 rose more than 10% in April 2026, its best monthly performance since November 2020, according to The New York Times. Brent crude traded at $108.2 per barrel, down 2.02%, while West Texas Intermediate crude was at $101.9 per barrel, down 2.98%.

Natural gas prices stood at $2.780 per million British thermal units, up 0.47%. Gasoline prices were $3.595 per gallon, down 0.55%, and heating oil at $3.946 per gallon, down 3.30%. "Asian markets are buying whatever they can get their hands on, so they're taking a lot of light sweet crude," said Matt Smith, director of commodity research at Kpler, in an interview with CNBC.

March 2026 was the busiest month in the Port of Corpus Christi's history, and the first quarter its busiest ever. About 50 to 60 very large crude carriers, each capable of carrying up to 2 million barrels, arrived at U.S. ports daily, double the volume from last year.

Corpus Christi accounted for half of U.S. crude exports in April 2026, with Houston handling most of the remainder. The port also increased refined product exports to the Middle East. Brent crude prices broke $113 per barrel amid expectations of prolonged disruption, according to market data.