“Energy Dominance” In Action

17 Apr 2026: Middle East crisis has made the U.S. the marginal supplier. The crisis in the Middle East and in particular the effective closure of the Strait of Hormuz has upended global oil markets. Both crude oil and refined products are now in short supply. Refiners around the world are desperate to get their hands on alternative sources of crude oil, almost at any price. However, the options are limited and dwindling. The volume of Russian and Iranian oil in floating storage is shrinking fast since the U.S. has lifted some of its restrictions, allowing countries to buy these previously sanctioned barrels. Several countries have tapped into their strategic petroleum reserves, but most of this oil is being allocated to domestic refiners and not traded internationally. So, the focus has shifted to the Atlantic Basin, where several producers (Venezuela, Canada, Brazil) have some capability to ramp up production and exports. However, in this Weekly Tanker Opinion we want to highlight the United States.