Amid Iran Conflict, Americas Emerge as Viable Oil Export Alternative

The Iran conflict has inadvertently triggered a significant shift in global oil trade patterns, with the Americas emerging as a viable alternative to Middle Eastern exports. Crude exports from the region have risen to a record-high average of 11.7 million barrels per day (bpd) so far in 2026, up from 10.3 million bpd in 2025 and nearly double the volume a decade ago.

The U.S. leads the pack with exports averaging 4.4 million bpd this year, followed by Brazil at 2.5 million bpd. Asia has absorbed much of the additional crude from the Americas, with imports into the continent from the Western Hemisphere surging since the Iran war began and on track to reach a record 5.4 million bpd in August.

Asian importers are seeking greater energy security due to wartime scars, and may continue to source a larger share of crude from the Western Hemisphere even if Gulf exports recover. The Americas offer a diverse range of crude grades, including light sweet U.S. shale crude and Canadian heavy oil-sands barrels, which Asian refiners are willing to accept at significantly higher transport costs.