Asia Turns to Argentina as Middle East Oil Supply Disrupted

Asian refiners are turning to Argentinian oil in response to supply disruptions from the Middle East, caused by the ongoing Iran war. This shift has seen processors in Japan, South Korea, and China increase their purchases of Argentina's Medanito crude.

The grade is comparable to US West Texas Intermediate, which has seen higher demand since the war began. At least one cargo was loaded earlier this month, according to traders familiar with the matter who asked not to be named as they're not authorized to speak to the media.