U.S. hits crude oil export record as war keeps Strait of Hormuz closed

The United States has set a record for crude oil exports as the Strait of Hormuz remains closed due to the ongoing war between Iran and Israel. Oil exports have increased by more than 30%, leading to concerns about depleting domestic inventories and rising gasoline prices. While U.S. oil can partially substitute for Middle Eastern oil in Asian markets, the long-term solution requires securing supply from the Middle East.