Asian and European refiners to replace Middle Eastern oil deliveries affected by the Iran war. Europe imports the most U.S. crude, but Asian consumers are seeking supply from the Americas to Africa and Europe to replace Middle Eastern oil that cannot cross the Strait of Hormuz.

Crude price increases are increasing expenses and losses for refiners worldwide, placing pressure on state-owned corporations that must produce petroleum for national security, according to sources and analysts.

Traders reported that July WTI Midland crude supplied to North Asia on large carriers had premiums ranging from $30 to $40 per barrel, depending on the benchmark.
The premium to Dubai prices was estimated at $34 per barrel, while another broker estimated it as $30 per barrel above Brent.

Discounts on U.S. crude oil are wider than worldwide benchmarks. Brent has increased demand for Gulf Coast tankers, restricting vessel availability and raising freight prices.

WTI Midland prices in Europe reached a record high of over $15 per barrel vs Brent on Thursday.With present physical differentials and freight rates, European refiners cannot profitably process spot crude barrels