US fuel exports have surged to 8.2mn barrels a day, a record increase of more than 20% from last year. Europe and Asia increasingly rely on American energy as the Iran conflict disrupts global markets. This boom has positioned the US as a net oil exporter for the first time since WWII, reversing its role as one of the world's largest crude importers just over a decade ago.

The export surge creates a $60bn windfall for US energy companies while pushing domestic gasoline prices to a four-year high of $4.53 per gallon. President Trump faces potential political backlash as rising fuel prices hit consumers, though the White House maintains its stance against export bans. Energy analysts warn that if gasoline reaches $5, political pressure might force an about-face on fuel exports.

The Iran war has effectively shut the Strait of Hormuz for two months, cutting off about 20% of global oil supplies. Trump's recent proposal to Iran includes a 30-day confidence-building period while negotiations continue over Tehran's nuclear program. Iranian officials have deemed some provisions unacceptable, leaving oil markets volatile with Brent crude swinging between $97 and $101 amid conflicting signals about potential peace deals.