[Strait of Hormuz Transportation Disrupted, Asian Refineries Resume U.S. Crude Oil Purchases] BlockBeats News, July 14: As U.S.-Iran tensions escalate and shipping activity in the Strait of Hormuz significantly decreases, Asian refineries are resuming spot purchases of U.S. crude oil to hedge against the risk of supply disruptions from the Middle East. Several industry executives involved in U.S. crude oil sales and Asian refinery procurement have stated that both sides have restarted negotiations on U.S. crude oil spot transactions. Data shows that as of Tuesday, observable vessel traffic through the Strait of Hormuz has nearly come to a halt. According to Kpler data, only 14 vessels passed through the Strait of Hormuz last Sunday, including 4 crude oil tankers, a decrease of approximately 60% compared to the same period the previous week. Before the conflict erupted, over 100 vessels passed through the strait daily, transporting around 20 million barrels of oil products via this route. Additionally, maritime intelligence company Windward reported that the southern route of the Strait of Hormuz, escorted by the U.S. military, had "essentially collapsed" as of last Saturday, with an increasing number of vessels opting to transit via the Iranian side of the route. The U.S. Department of Energy stated that over 8 million barrels of crude oil still passed through the Strait of Hormuz last Sunday and affirmed that the U.S. military would continue to ensure the smooth transportation of oil. [Original Link]