US crude oil exports are expected to hit a record high in April.

US Oil Exports Set to Hit Record as Asian Buyers Scramble for Alternatives

US crude oil exports are expected to hit an all-time high in April as Asian buyers scramble for alternative supplies amid Middle East disruptions caused by the Iran war. Kpler estimates that US exports will jump nearly one-third from 3.9 million barrels per day in March to 5.2 million barrels per day this month. Demand from Asian customers is set to surge 82% to 2.5 million barrels per day.

Data shows 68 empty tankers are currently heading to the US, compared with 24 in the week before the war broke out on February 28th and an average of 27 last year. The export surge underscores America's growing role as the world's "swing supplier"—able to quickly adjust supply when markets are out of balance. But competition from Asia could also push up domestic US oil prices, fueling fears of a new inflation wave sparked by the Iran war.

The Trump administration currently has no plans to ban oil exports; analysts say such a ban would leave US crude unsold and force refineries to cut output. Still, some warn that if Middle East chaos from the war keeps driving up fuel costs as the November midterm elections approach, the White House could change its stance.