The Iran war and closure of the Strait of Hormuz are reshaping global oil trade, with producers across the Americas gaining market share from the Middle East. Crude exports from the region have hit record levels as Asian buyers prioritise supply security despite higher shipping costs.

Asian refiners are increasing purchases of Argentine crude as the Iran war disrupts traditional Middle Eastern supplies.

The Iran war and closure of the Strait of Hormuz are reshaping global oil trade, with producers across the Americas gaining market share from the Middle East. Crude exports from…