With the Strait of Hormuz choked by the Iran conflict, U.S. tankers have surged to a record pace, loading crude in Alaska and the Gulf Coast and sailing to Japan, Thailand and even Australia. Over the past nine weeks more than 250 million barrels have left U.S. wells and storage, pushing America back to the top spot as global crude exporter, overtaking Saudi Arabia.

U.S. stockpiles have been drawn down for four straight weeks, now sitting below historic averages, prompting analysts to warn the export cushion is nearing its limit. Brent crude has climbed roughly 50% since the war began, last week topping $126 a barrel, the highest level since 2022. Traders say sustainable loading may top 6 million barrels per day, with occasional spikes to seven.

Asian refiners have scrambled for the American supply. Japan, which previously sourced 90% of its oil from the Gulf, has already contracted at least 8 million barrels of U.S. crude for June loading, while South Korea and Singapore maintain strong demand. Infrastructure bottlenecks and dwindling domestic inventories mean the United States cannot sustain record exports indefinitely; the current surge is already testing practical limits.