Asia on track for highest crude oil imports since US-Iran war began despite Hormuz disruptions
Quick Look
- Asian crude oil imports are projected to reach 23.96 million barrels per day in September, the highest since the US-Iran war began, according to Kpler data cited by Reuters.
- While this exceeds August levels and shows gradual recovery, imports remain about 13% below pre-war levels.
- China, the world's largest importer, increased purchases to 8.93 million bpd in August but remains 2 million bpd below February levels.
AI-generated summary
Why It Matters
The US-Iran war disrupted crude oil flows through the Strait of Hormuz, a critical chokepoint for global oil trade connecting Persian Gulf producers to Asian consumers. Asian refiners initially reduced imports to decade-lows in April and May as they sought alternative supplies.
Asia is on track to import its highest volume of crude oil since the start of the US-Iran war, even as disruptions around the Strait of Hormuz continue to constrain Middle East supplies.
Asian countries are expected to import 23.96 million barrels per day (bpd) of crude in September, according to Kpler data cited by Reuters commodities columnist Clyde Russell.
That would exceed August's 23.38 million bpd and mark the highest monthly volume since February, before the conflict erupted.
The recovery offers evidence that Asian refiners have gradually adapted to the supply shock that followed the war and the disruption of crude flows through the Strait of Hormuz.
September imports are estimated to be about 13% below pre-war levels, according to Reuters calculations citing Kpler data.
Purchases had plunged to decade-lows in April and May as refiners scrambled to secure alternative supplies after shipments through Hormuz were severely disrupted.
Oil shipments through the strategic waterway have increased from the lows recorded in April and May.
On Wednesday, Reuters reported that Saudi Arabia has ramped up crude oil tanker runs, loading up to 12 million barrels in one day and moving it through the strait for ship-to-ship transfers off Oman.
The Strait of Hormuz normally carries a substantial share of globally traded oil, connecting producers in the Persian Gulf with major consumers in Asia.
The result is a partial recovery rather than a return to business as usual.
China illustrates the problem, industry tracker OilPrice reported. The world's largest crude importer increased purchases to 8.93 million bpd in August, up 6.2% from July, according to Chinese customs data.
The increase marked a second consecutive monthly gain and a recovery from the decade-low recorded in June.
But August imports were still about 2 million bpd below February's level, before the conflict severely disrupted regional oil flows.
Though Brent crude slid 0.23% to $102.8/barrel on Thursday (Sept. 24, 2026, at around 9.22am Tokyo), the price point still makes it more expensive for refiners to build inventories. WTI was down 0.15% to $92.02/barrel. Murban was up 4.06% to $113.1.
What to Watch
AI outlook — possibilities, not facts
Asian crude oil imports will continue gradual recovery toward pre-war levels
Likely · Within months
Oil shipments through the Strait of Hormuz will remain volatile but trend upward
Possible · Within months
Open Questions
- How long will Strait of Hormuz disruptions persist?
- What alternative supply routes are Asian refiners utilizing?
- Will Saudi Arabia maintain increased tanker runs through the strait?
