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.

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.

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.