Asian Refiners Scour the World for Oil With Hormuz Flows Halted

Asia’s oil refiners are ramping up crude purchases from outside the Middle East, the latest sign of a scramble to secure supplies as shipping through the vital Strait of Hormuz remains all-but halted.

After initially balking at sky-high crude prices, Asian fuelmakers have returned to the market to secure cargoes from the US to Africa and the North Sea, with scant signs of a resolution to the war. They are now willing to pay elevated premiums to secure supply, traders familiar with the matter said.