The U.S. Export-Import Bank has accelerated its energy financing as the Middle‑East war chokes the Strait of Hormuz. President and chair John Jovanovic told the FT Commodities Global Summit the agency has now issued more loans in the past year than ever before, turning a profit for the first time in a decade.

Demand from U.S. oil and gas firms surged, with the bank fielding “inundated” requests to channel American molecules to markets scrambling for fuel. Jovanovic said roughly $30 bn of transactions sit in the pipeline, part of a $100 bn mandate the bank must deploy before its authorisation expires at year‑end. The surge reflects exporters’ eagerness to replace disrupted shipments from the Gulf, while private‑sector lenders remain cautious amid geopolitical risk. Consequently, the bank is expanding credit lines for existing clients.

The bank has pledged sizable financing for strategic projects. A $10 bn commitment underpins Project Vault, a U.S. stockpiling scheme for critical minerals, while a $4.7 bn loan backs a liquefied natural gas development in Mozambique. Both deals draw on the bank’s $100 bn authority, reinforcing Washington’s supply‑chain resilience push. These approvals signal the bank’s willingness to fill financing gaps where commercial lenders shy away.

Congress must renew the Ex‑Im Bank’s charter before year‑end, a vote that has become a proxy for U.S. energy policy. Republicans cite the agency as a “carrot” to entice trading partners, while Democrats worry about fiscal exposure. With the Middle‑East supply shock persisting, the bank’s expanded lending could materially boost American energy exports this year.