US to receive at least 9 million Middle East barrels
The US is about to receive at least nine million barrels of crude oil from the Middle East this August, which may help ease pressure on physical markets.
While that's a lot, it's still only about half of the average level from before the start of the conflict.
US inventories jump 17.4 million barrels
Some of this oil comes thanks to a temporary ceasefire in the region in June, which opened up the Strait of Hormuz for more deliveries.
The rest is from a range of countries, including Saudi Arabia, the U.A.E. and Kuwait, with Kuwaiti barrels landing in the US for the first time in six years.
To dodge rebel threats, some shipments took longer routes through the Mediterranean.
All these moves have paid off: last week saw US inventories jump by 17.4 million barrels, the second-biggest weekly increase ever, helping balance out earlier near an eight-year low stock levels.