
Refiners cut Middle East purchases during the Hormuz conflict and turned to alternatives, with Venezuela emerging as a replacement supplier.
U.S. imports of Saudi crude dropped to zero in July, marking the first full month without such shipments since 1985. The shift came as supply disruptions in the Gulf during the Hormuz conflict pushed U.S. refiners to reduce purchases from the Middle East and seek replacement barrels elsewhere. Venezuela emerged as an alternative source, underscoring how regional disruptions can quickly reroute global oil flows and alter refinery buying patterns.