The Trump administration is attracting the customers that Iran lost because of the Hormuz shutdown.
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The closure of the Strait of Hormuz by the Iranian regime, through which about 20% of the world's oil supply transited before the war, has made the United States the main supplier of crude oil to markets in Europe and Asia.
Last week, the United States exported a record number of petroleum products - a category that includes gasoline, jet fuel and diesel - of nearly 8.2 million barrels a day, according to the Energy Information Administration (EIA). This represents an increase of approximately 23% compared to the same week of the previous year
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In simple words, the Trump administration has taken advantage of the weakening of the Islamic regime due to the war to export all the oil that countries used to buy from Iran. It is worth mentioning that before the Iranians closed Hormuz, about 80% of the oil that passed through that route was destined for Asian markets, which explains why Asian buyers have turned to the
United States in recent weeks. The US achieves record exports: It is supplying Europe and Asia with all the oil they used to buy from Iran
Close to an agreement, but with reservations
Oil prices fell on Wednesday, with Brent crude reaching a low of $97 per barrel at one point in the day, after Donald Trump suggested that an agreement between the United States and the Iranian regime to end hostilities was close to being signed
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Although optimistic, the US president warned that, if the Islamic Republic does not accept an agreement, “the bombings will begin, and they will, unfortunately, be at a much greater level and intensity than before”, while regime officials are reviewing the latest US proposal.
This morning, Axios reported that Washington and Tehran were close to signing a one-page memorandum through Pakistani mediators. Such a text would include Tehran's commitment to a moratorium on its nuclear enrichment in exchange for sanctions relief and the unblocking of its funds held abroad.
Trump insists that Iran must stop enriching uranium for at least 20 years, while the regime said it would accept a moratorium of three to five years. Meanwhile, the United States continues with its blockade imposed on Iranian ports, a measure of force that is having devastating effects on the already damaged economy of the
Islamic Republic. The US achieves record exports: It is supplying Europe and Asia with all the oil they used to buy from Iran
