The US Strategic Petroleum Reserve shipped 616,000 barrels of crude to the Philippines, its first Asia-bound cargo since 2022, as part of a 172M barrel release.

The US Strategic Petroleum Reserve shipped 616,000 barrels of crude to the Philippines, its first Asia-bound cargo since 2022, as part of a 172M barrel release.

A rare U.S. strategic oil shipment to the Philippines underscores how the Hormuz crisis is forcing Asia to seek crude supplies outside the Middle East.

A cargo of oil from the US Strategic Petroleum Reserve headed to California this month for the first time ever, ship tracking service Kpler said. The

The Philippines received its first Iranian crude cargo after the Hormuz blockade cut off 98% of its oil supply, with delivery routed via a ship-to-ship transfer near Singapore.