US Oil Imports from Saudi Arabia Hit Zero Amid War-Related Disruptions

US oil imports from Saudi Arabia plummeted to zero in July, marking the first time this has happened since 1985. The halt in shipments is a result of disruptions caused by the US-Iran conflict, which has largely shut down Persian Gulf crude flows.

According to preliminary government data, US refiners were previously purchasing more than 800,000 barrels of Saudi oil daily. However, with prices increasing due to war-related disruptions and the closure of the Strait of Hormuz, they have been seeking alternative sources.

Venezuela has benefited from this shift, with American refiners importing around 600,000 barrels of Venezuelan crude in July, up from roughly 100,000 at the start of the year. US imports of Saudi oil are forecast to rebound this month to about 300,000 barrels a day.