August 24, 2026 [ Argus ]- Tight global fuel markets and sky-high refining margins are encouraging high refinery utilization rates, provided enough crude feedstock can be secured.

The ongoing U.S.-Iran stalemate has kept the Strait of Hormuz effectively closed, prompting North Asian refiners to ramp up purchases of U.S. crude as an alternative to disrupted Middle Eastern supplies.
 
At least four Asia-based refiners secured U.S. crude volumes this week alone, while Hormuz tanker traffic continued to slump amid the crisis.
 
Tight global fuel markets and sky-high refining margins are encouraging high refinery utilization rates, provided enough crude feedstock can be secured.
 
Key deals include South Korea’s GS Caltex buying 2 million barrels of Mars crude, Japan’s Eneos purchasing 2 million barrels of WTI, Cosmo Energy taking Mars barrels, and Taiwan’s CPC acquiring 2 million barrels of WTI—all at significant premiums for November delivery.
 
Further south, Indian refiners MRPL and HPCL are seeking a combined 6 million barrels of spot crude as term deliveries from the Middle East remain constrained by the Hormuz disruption.

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