Hormuz crisis boosts Latin American crude exports 25% as Asia diversifies

The Hormuz Strait crisis has driven Asian buyers to seek alternative crude sources, lifting Latin American oil exports by ~25% in the first five months of 2026. This marks a significant shift in global oil trade flows, with Latin America emerging as a key supplier. The sustainability of this trend depends on the duration of the Hormuz disruption and Latin America's capacity to maintain export growth.