Iran War Creates Unlikely Oil Bonanza for Americas

The Iran war has created an unexpected oil bonanza for producers in the Americas. With Middle Eastern exports disrupted, the region has seen a surge in crude exports, rising 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.

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.

The growth in oil production across the Americas over the past decade was driven first and foremost by the U.S. shale revolution, which transformed global oil markets and made the U.S. the world's largest producer in 2018, surpassing Saudi Arabia and Russia.