U.S. crude exports seen hitting record 5.2 million bpd in April

U.S. crude oil exports are on track to climb to a record 5.2 million barrels a day in April, up nearly one-third from 3.9 million bpd in March, the Financial Times reported, as Asian buyers scramble for alternative supplies amid disruptions to Middle Eastern flows tied to the Iran conflict. Asian demand jumped 82% to 2.5 million bpd. Kpler data show 68 tankers are currently sailing empty toward the United States, up from 24 a week before the war began on February 28 and versus a 27-vessel average last year. The U.S. and Iran announced a two-week ceasefire on Tuesday. After Israel struck Lebanon, Iran said Wednesday it is closing the Strait of Hormuz. Weeks of blockades pushed U.S. oil prices up more than 50%. WTI crude hit a four-year high above $110 a barrel earlier this week and remains more than 40% above pre-war levels. The Trump administration has said it will release more than 170 million barrels from the Strategic Petroleum Reserve to contain fuel costs. Even so, U.S. gasoline prices have topped $4 a gallon for the first time in four years.