Canada's TMX Crude Oil Gains Ground as Asian States Ditch Hormuz Supplies

As concerns over crude oil supplies via the Strait of Hormuz continue to grow, Asian states are turning to Canada's TMX crude oil as a reliable alternative. The first shipment since 2025 has left Vancouver, bound for Japan on a ship chartered by Exxon Mobil.

The vessel, Freedom Glory, can carry up to 750,000 barrels of crude and is carrying Trans Mountain pipeline (TMX) crude, bought by Japan's largest refiner Eneos. This shipment marks the latest in a series of oil deliveries from TMX Canada to Asia, which have accounted for nearly 77% of total oil exports from Vancouver this year.

The Strait of Hormuz has been a key bottleneck in global oil supplies since the US and Israel launched their war on Iran in February. Japan, in particular, has seen its growth forecast cut by almost 0.4 percentage points to 0.9% due to higher oil prices. The country had previously imported over 90% of its oil through the Strait.