Asian refiners have grown increasingly reliant on U.S. crude as oil-starved fuel makers scour the globe to replace Middle Eastern supply and stave off shortages that could ripple through the broader economy.

Buyers in Japan led the charge to purchase May-loading cargoes from the U.S. early in the month, with South Korean, Singapore and Thai processors also among customers, said traders familiar with the matter. At least 60 million barrels of grades from the U.S. Gulf was bought for loading next month, in line with the tally for loading in April, according to the traders. That was the highest level in three years.

The war in Iran and near closing of the Strait of Hormuz, now in its seventh week, has choked off crude flows to Asia and thrown its refining industry into disarray. The U.S. and Iran are mulling a two-week ceasefire extension, but a blockade from both sides remains in effect. A fuel-making crisis in Asia has already trickled down to everyday consumers and the broader economy, with some governments moving to cut demand, airlines dropping flights and shortages threatening industry.

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