Middle East Tensions Halt U.S. Oil Imports from Saudi Arabia and Iraq

Energy Information Administration records confirm that the final shipments from Saudi Arabia reached American ports in the week ending June 26, averaging 56,000 barrels per day. By comparison, those same three weeks last year saw average imports of 283,000 barrels per day. Iraq’s footprint has vanished similarly, with no arrivals since the week ending June 19, a sharp departure from the 240,000 barrels per day recorded during the same period in 2023.

The decline follows the closure of the Strait of Hormuz, which has throttled exports and forced a global scramble for alternative supply. Domestically, this pressure is visible in U.S. commercial inventories, which recently dipped below 410 million barrels for the first time since March 2022. This depletion persists despite record-setting production, which has hovered around 13.832 million barrels per day over the last month.

To bridge the deficit, the U.S. has pivoted toward Venezuelan sources. Following the easing of sanctions, Venezuelan crude imports surged to 688,000 barrels per day for the week ending July 17—the highest weekly volume since 2019. This influx serves as a primary buffer as traditional Persian Gulf channels remain obstructed by regional conflict.