With transit through the Strait of Hormuz restricted and Middle Eastern crude harder to obtain, U.S. crude exports have reached an all-time high.

The Financial Times (FT) reported on the 15th (local time) that last week U.S. crude exports averaged 5.2 million barrels per day, the highest on record. That was an increase of more than 1 million barrels from the previous week.

According to U.S. government data, exports of refined petroleum products, including gasoline and fuel oil, averaged about 7.5 million barrels per day. That was up roughly 700,000 barrels from the prior week.

FT interpreted the surge in U.S. crude exports as showing that the global oil supply situation is becoming increasingly severe. With the Strait of Hormuz, through which about 20% of the world oil·gas supply passes, constrained, European and Asian countries are seeking alternative sources.

Edward Haydenbripett, an analyst at ‘The Officials’ under Onyx Capital Group, said, “As Asia and Europe try to replace Middle Eastern supply, U.S. crude is the natural alternative.” He predicted, “Given the many tanker bookings set to load along the U.S. Gulf Coast (the Gulf of Mexico coastal region) in the coming weeks, exports can remain elevated for the time being.”

Earlier, energy research firm Kpler projected that in April U.S. crude exports would reach a record 5 million barrels per day. That is a jump of nearly 30% from March (3.9 million barrels). Considering current tanker movements, it forecast that May export volumes are likely to be even larger.

FT reported that analyses suggest competition among overseas buyers to secure U.S. crude could spur higher domestic oil prices in the United States and further heighten inflation (price increases) pressure triggered by the Iran war.